A very common misconception that many people believe is that to be a successful entrepreneur, you need to do something that's never done before. As technology improves, it becomes harder and harder to 'reinvent the wheel.' This article talks about why you don't need to 'reinvent the wheel' to find success as an entrepreneur #entrepreneur #success #entrepreneurship #reinventthewheel #businessblog #reinvention #howtobesuccessful If you enjoy this article or find it valuable - please like, comment, and this around with others you know!

Why You Don't Need to 'Reinvent the Wheel' to be a Successful Entrepreneur

<img alt="Why You Don't Need to 'Reinvent the Wheel' to be a Successful Entrepreneur" height="480" src="https://lh3.googleusercontent.com/-BIwtSYqngxY/YVHPIeRHJhI/AAAAAAAABWI/HVyUd3qMOPsWhrWaUmskq75j_qL7fH7OQCLcBGAsYHQ/w640-h480/image.png" title="Why You Don't Need to 'Reinvent the Wheel' to be a Successful Entrepreneur" width="640">There's a <a href="https://mohamadalasadi.com/2021/07/biggest-mistakes-I-made-in-my-first-year-of-entrepreneurship.html" dir="ltr">common misconception</a> almost every entrepreneur falls victim to at the start of their journey.It's also the reason lots of people don't end up becoming or trying to become entrepreneurs."There's nothing to do, everything has already been done," they say.I was one of those people for a long time.In fact, sometimes I still have that lingering feeling in the back of my mind that tells me, "are you sure you want to do this? It's already been done many times before."That's the misconception - the fact that you can't do what others have already done before you.It's one of the main reasons I never took interest in entrepreneurship earlier than I did.I thought that entrepreneurship is only something you venture into when you've reached your 30s, got some real-world experience, and have been able to think of <a href="https://mohamadalasadi.com/2021/08/find-a-business-idea.html" dir="ltr">ideas</a> no one has ever thought of before.Let me break something to you, humans all think on the same wavelength therefore, our ideas are not special.No one cares about your idea, it all matters <a href="https://mohamadalasadi.com/2021/08/how-to-take-more-risk-in-life-business.html" dir="ltr">how you execute that idea</a>.Let's take Uber, for example.There were hundreds of people who probably said something like, 'I wish there's a way to get cabs on-demand,' before Uber was ever invented.However, one person named&nbsp;Travis Kalanick along with his co-founder&nbsp;Garrett Camp&nbsp;decided to explore that thought a little further than everyone else back in 2009.That small idea, that small thought, is now the $11B+ company we know today as Uber.Now let's play a little exercise.Let's take out our phones and go to the app store.Since I have an Android, I'm going to head over to the Google Play Store - yes, I confidently and proudly own an Android.Now, let's type in 'cab app.'On my phone, there are hundreds of <a href="https://mohamadalasadi.com/2021/09/Why-I-quit-Condensr-for-SaaS-Business.html" dir="ltr">apps</a> like Uber, here are the first few that come up:<UL><LI>Bolt</LI><LI>Uber</LI><LI>Free Now</LI><LI>Gett</LI><LI>13cabs</LI><LI>Curb</LI><LI>Ola</LI><LI>Cabify</LI></UL>Basing my guess off the number of downloads alone, I'd say that all of these businesses above are successful businesses.However, none of them do anything different to Uber - they mimic the exact same business model.There is no single piece of innovation that truly differentiates them.How is this possible? How can this many businesses do the exact same thing and all be successful?Let's dive into a few of the reasons why you don't need to reinvent the wheel to be successful.<h2>The market size</h2><img alt="Why You Don't Need to 'Reinvent the Wheel' to be a Successful Entrepreneur" height="360" src="https://1.bp.blogspot.com/-miiCyQ7ULgg/YVHPUEPD10I/AAAAAAAABWM/QzSHzwhk1_kdIOUadTZX56A2832ly-2LACLcBGAsYHQ/w640-h360/Why%2BYou%2BDon%2527t%2BNeed%2Bto%2B%2527Reinvent%2Bthe%2BWheel%2527%2Bto%2Bbe%2Ba%2BSuccessful%2BEntrepreneur.png" title="Why You Don't Need to 'Reinvent the Wheel' to be a Successful Entrepreneur" width="640">The first reason why there are successful businesses that mimic Uber is because of the market size.Let's quickly take a look at Uber's market size.It's hard to pinpoint an exact figure, however, on their first <a href="https://mohamadalasadi.com/2021/09/how-to-create-an-irresistible-pitch-deck.html" dir="ltr">pitch deck</a>, it said that there are 100s of millions of people who use cars and cabs for public transport.Uber alone has 75 million active users globally.For a market this big, it's easy for competitors to come in because there is so much room in the market for other businesses to also be successful.A lot of markets are no longer a 'winner takes all' type of market.You're able to piggyback on another company's success when you build a good solution that does what it says.Currently, Lyft (which I completely forgot about), Uber, and Bolt are the largest cab apps in the world.None of them do anything differently, however, they're all massive, successful businesses nonetheless.Each business is able to stay competitive and have its own share in the market.Another example would be UberEats.When UberEats began, it was one of the biggest businesses ever.Not long after, more and more companies started to emerge out of nowhere that replicated this exact business model.Deliveroo, DoorDash, JustEat.Now we're even seeing tons of grocery apps like Getir.There is not a single bit of innovation flowing through any of these businesses, however, they're all widely successful businesses.Almost a month ago, I started <a href="https://hawkprospecting.com/" dir="ltr">Hawk Prospecting</a> - a B2B prospecting software.There are a lot of competitors in this space, however, the market for sales and marketing professionals is massive.Add on top of this that there are many more use cases for a product like this - hiring and recruitment for one, <a href="https://mohamadalasadi.com/2021/09/get-more-clients-for-your-agency.html" dir="ltr">agency owners</a>, etc, you have a business model where a lot of businesses can be successful without needing the whole market.When you start to realise that <a href="https://mohamadalasadi.com/2021/07/does-competition-really-matter-in-business.html" dir="ltr">competition</a> is less of a bad thing and more of a good thing for you as a new entrepreneur, you'll start to see opportunities everywhere.Instead of looking for things that have never been done before, you'll start looking for intricate opportunities where things have been tried and tested before.Successful companies can provide a few benefits for us:<UL><LI>There's a market for this product</LI><LI>This product makes money</LI><LI>They've tested what works and what doesn't</LI></UL><div dir="ltr">All that's left to do for you is to <a href="https://mohamadalasadi.com/2021/08/top-5-side-hustles.html" dir="ltr">spin up your own version</a> and market it well. </div><h2>Consumer trends</h2><img alt="Why You Don't Need to 'Reinvent the Wheel' to be a Successful Entrepreneur" height="360" src="https://1.bp.blogspot.com/-kTalneu4TNg/YVHPbBP-ZeI/AAAAAAAABWU/6qst20fMzIkSs6NtYaLx4K4Dfj2UcFprwCLcBGAsYHQ/w640-h360/Why%2BYou%2BDon%2527t%2BNeed%2Bto%2B%2527Reinvent%2Bthe%2BWheel%2527%2Bto%2Bbe%2Ba%2BSuccessful%2BEntrepreneur%2B%25282%2529.png" title="Why You Don't Need to 'Reinvent the Wheel' to be a Successful Entrepreneur" width="640">The other day I was at my local supermarket shopping with my mother.We went through different aisles, and every aisle we walk into, we see nothing but homogenous goods, packaged up slightly differently and left for the consumer to make a purchase decision.We're at a point in society where people are open to new things.People are open to giving the unknown a shot.People are open to <a href="https://mohamadalasadi.com/2021/08/Get-out-of-your-comfort-zone.html" dir="ltr">trying new things</a> and exploring new options.With this said, it gives us, the entrepreneurs, a bit of breathing room to do what we do best.Instead of looking for ways to 'reinvent the wheel,' we now just <a href="https://mohamadalasadi.com/2021/07/what-does-it-take-to-be-successful-in-life-and-business.html" dir="ltr">look for ways to differentiate ourselves</a>.That's the easy part if you ask me.Let's take a loaf of bread - how do we differentiate our bread from the other loaves of bread that are available?we make it bigger, we make it brighter or darker, we add raisins, sesame seeds, flour, we change the packaging color, we change the packaging wording.Bread and water are two life essentials everyone must eat.You'd think that people just walk into the aisle and pick up the first thing they see, however, even with these essentials people still pick and choose.People have choices nowadays and they're happy to explore those choices.For consumers, they love it.

A common trap new entrepreneurs fall into is thinking they need to do something never done before. Here's why you don't need to reinvent the wheel.

personaldevelopment

Personal Development

entrepreneurship

Entrepreneurship

business

Business

There's a <a dir="ltr" href="https://mohamadalasadi.com/2021/07/biggest-mistakes-I-made-in-my-first-year-of-entrepreneurship.html">common misconception </a>almost every entrepreneur falls victim to at the start of their journey.

It's also the reason lots of people don't end up becoming or trying to become entrepreneurs.

"There's nothing to do, everything has already been done," they say.

I was one of those people for a long time.

In fact, sometimes I still have that lingering feeling in the back of my mind that tells me, "are you sure you want to do this? It's already been done many times before."

That's the misconception - the fact that you can't do what others have already done before you.

It's one of the main reasons I never took interest in entrepreneurship earlier than I did.

I thought that entrepreneurship is only something you venture into when you've reached your 30s, got some real-world experience, and have been able to think of <a dir="ltr" href="https://mohamadalasadi.com/2021/08/find-a-business-idea.html">ideas </a>no one has ever thought of before.

Let me break something to you, humans all think on the same wavelength therefore, our ideas are not special.

No one cares about your idea, it all matters <a dir="ltr" href="https://mohamadalasadi.com/2021/08/how-to-take-more-risk-in-life-business.html">how you execute that idea </a>.

Let's take Uber, for example.

There were hundreds of people who probably said something like, 'I wish there's a way to get cabs on-demand,' before Uber was ever invented.

However, one person named Travis Kalanick along with his co-founder Garrett Camp  decided to explore that thought a little further than everyone else back in 2009.

That small idea, that small thought, is now the $11B+ company we know today as Uber.

Now let's play a little exercise.

Let's take out our phones and go to the app store.

Since I have an Android, I'm going to head over to the Google Play Store - yes, I confidently and proudly own an Android.

Now, let's type in 'cab app.'

On my phone, there are hundreds of <a dir="ltr" href="https://mohamadalasadi.com/2021/09/Why-I-quit-Condensr-for-SaaS-Business.html">apps </a>like Uber, here are the first few that come up:

<ul><li>Bolt </li><li>Uber </li><li>Free Now </li><li>Gett </li><li>13cabs </li><li>Curb </li><li>Ola </li><li>Cabify </li> </ul>

Basing my guess off the number of downloads alone, I'd say that all of these businesses above are successful businesses.

However, none of them do anything different to Uber - they mimic the exact same business model.

There is no single piece of innovation that truly differentiates them.

How is this possible? How can this many businesses do the exact same thing and all be successful?

Let's dive into a few of the reasons why you don't need to reinvent the wheel to be successful.

The first reason why there are successful businesses that mimic Uber is because of the market size.

Let's quickly take a look at Uber's market size.

It's hard to pinpoint an exact figure, however, on their first <a dir="ltr" href="https://mohamadalasadi.com/2021/09/how-to-create-an-irresistible-pitch-deck.html">pitch deck </a>, it said that there are 100s of millions of people who use cars and cabs for public transport.

Uber alone has 75 million active users globally.

For a market this big, it's easy for competitors to come in because there is so much room in the market for other businesses to also be successful.

A lot of markets are no longer a 'winner takes all' type of market.

You're able to piggyback on another company's success when you build a good solution that does what it says.

Currently, Lyft (which I completely forgot about), Uber, and Bolt are the largest cab apps in the world.

None of them do anything differently, however, they're all massive, successful businesses nonetheless.

Each business is able to stay competitive and have its own share in the market.

Another example would be UberEats.

When UberEats began, it was one of the biggest businesses ever.

Not long after, more and more companies started to emerge out of nowhere that replicated this exact business model.

Deliveroo, DoorDash, JustEat.

Now we're even seeing tons of grocery apps like Getir.

There is not a single bit of innovation flowing through any of these businesses, however, they're all widely successful businesses.

Almost a month ago, I started <a dir="ltr" href="https://hawkprospecting.com/">Hawk Prospecting </a>- a B2B prospecting software.

There are a lot of competitors in this space, however, the market for sales and marketing professionals is massive.

Add on top of this that there are many more use cases for a product like this - hiring and recruitment for one, <a dir="ltr" href="https://mohamadalasadi.com/2021/09/get-more-clients-for-your-agency.html">agency owners </a>, etc, you have a business model where a lot of businesses can be successful without needing the whole market.

When you start to realise that <a dir="ltr" href="https://mohamadalasadi.com/2021/07/does-competition-really-matter-in-business.html">competition </a>is less of a bad thing and more of a good thing for you as a new entrepreneur, you'll start to see opportunities everywhere.

Instead of looking for things that have never been done before, you'll start looking for intricate opportunities where things have been tried and tested before.

Successful companies can provide a few benefits for us:

<ul><li>There's a market for this product </li><li>This product makes money </li><li>They've tested what works and what doesn't </li> </ul>

The other day I was at my local supermarket shopping with my mother.

We went through different aisles, and every aisle we walk into, we see nothing but homogenous goods, packaged up slightly differently and left for the consumer to make a purchase decision.

We're at a point in society where people are open to new things.

People are open to giving the unknown a shot.

People are open to <a dir="ltr" href="https://mohamadalasadi.com/2021/08/Get-out-of-your-comfort-zone.html">trying new things </a>and exploring new options.

With this said, it gives us, the entrepreneurs, a bit of breathing room to do what we do best.

Instead of looking for ways to 'reinvent the wheel,' we now just <a dir="ltr" href="https://mohamadalasadi.com/2021/07/what-does-it-take-to-be-successful-in-life-and-business.html">look for ways to differentiate ourselves </a>.

That's the easy part if you ask me.

Let's take a loaf of bread - how do we differentiate our bread from the other loaves of bread that are available?

we make it bigger, we make it brighter or darker, we add raisins, sesame seeds, flour, we change the packaging color, we change the packaging wording.

Bread and water are two life essentials everyone must eat.

You'd think that people just walk into the aisle and pick up the first thing they see, however, even with these essentials people still pick and choose.

People have choices nowadays and they're happy to explore those choices.

For consumers, they love it.

Why You Don't Need to 'Reinvent the Wheel' to be a Successful Entrepreneur

Why You Don't Need to 'Reinvent the Wheel' to be a Successful Entrepreneur

CURATED BY

Related collections

More like this