The Secret to Building a Successful Startup: The Second Mover Advantage

Many entrepreneurs believe that to build a successful business, they need to come up with a completely original, groundbreaking idea. They often spend countless hours trying to conjure up the next big thing, thinking that being first to market is the key to success.

However, the truth is that being a second mover can be a powerful strategy for building a thriving business. By learning from the successes and failures of others, and focusing on executing an existing idea better than the competition, entrepreneurs can increase their chances of success.

In a recent podcast conversation that I had with Melissa Kwan, the founder of eWebinar, she shared a valuable piece of advice she received from a friend:

"Your previous companies were hard because you're trying to convince someone to buy something that they didn't purchase in the past. When you build something that already exists, you can learn from your competitors and make it 10 times better. They're already buying it, so convincing someone to buy a better CRM is going to be way easier than getting them to switch to a CRM from a paper Rolodex."

This insight changed Melissa's approach to business, and it can change yours too.

Here are three actionable tips to help startup founders embrace the second mover advantage:

1. Identify opportunities for improvement: Analyze the products or services in your target market and pinpoint areas where they fall short. Look for pain points that customers experience and brainstorm ways to address them more effectively than the current offerings. A great place to start are the customer reviews - it is a goldmine of insights!
2. Learn from the successes and failures of others: Study your competitors and understand what works well for them and where they struggle. Use this knowledge to inform your own product development and go-to-market strategy, avoiding common pitfalls and leveraging proven tactics. When I started my first business, I reached out to founder whose companies failed solving the problem I wanted to solve, and yes the lessons I learned were invaluable!
3. Focus on delivering a 10x on the dimension that is the most important to customers. To truly stand out as a second mover, your product or service must provide a significantly better value than the alternatives. Oftentimes, the solution might even have similar features, but 10x better user experience. Concentrate your efforts on what matters to customers the most so you are not amplifying something they simply don't care about.

Vlada

Take Action:

If you're ready to apply the second mover advantage to your own venture, consider joining the upcoming Elev8orlab 12-week accelerator program. Click here to visit our website to apply.

??? What to Do Next: Newer Founders Program– Get Your First 10 B2B Clients in 90 Days

Imagine hitting the ground running with your B2B startup and landing your first 10 clients within three months. Our "Get Your First 10 B2B Clients in 90 Days" cohort is designed to make this a reality. This intensive, tailored program combines expert-led masterclasses, weekly mentoring calls, and actionable tools to fine-tune your market approach and amplify your startup's appeal to investors.

Under the mentorship of Vlada Lotkina, seasoned entrepreneur and mentor with a 8-figure exit, and Ewa Lewandowska, an expert growth strategist, you’ll navigate the early stages of business growth with confidence. Join us and transform your startup’s potential into actual success, achieving a remarkable ROI by securing those crucial initial deals. Dive into this journey of express growth—your startup’s future starts here!

Get The 12 Week Curriculum

Plus: You'll get Vlada's Exclusive Tools to B2B success, including:

??? B2B Startup Sales Tech Kit Confused about the tech needed for your sales strategies? Don't worry! This bonus masterclass covers all the essential tools (many of which are free!) you'll need to succeed.

?? Ultimate B2B Sales Objection Handling Masterclass Turn sales objections into opportunities. Enhance your negotiation skills with practical strategies and real-life examples to smooth out conversations and boost your closing rates.

?? 2024 Investability Checklist: Ready for US Investors? Get your hands on this PDF guidebook detailing how to make your startup irresistible to American investors. Discover what U.S. investors are looking for with actionable insights to position your startup at the forefront of investment opportunities.

Ready to transform your startup and attract investors? Schedule a free growth session for help harnessing your startup's full potential, and see whether this exclusive opportunity aligns with your startup ambitions.

?? Meet With Vlada For A Free Growth Session

Turning Biases into Strengths: A Conversation on Diversity and Leadership

In a recent "Chew on This" conversation, I had the pleasure of sitting down with the brilliant Anna Gandrabura , founder of English4IT. Our discussion focused on "How to Embrace your Strengths and Manage Biases," a vital topic for leaders and entrepreneurs striving to carve out equitable spaces in the business world. ??

Here's The Lowdown

Our conversation dove into how embracing diversity isn't just about inclusivity—it's a strategic advantage. We explored the powerful impact of intuition, empathy, adaptability, and flexibility, discussing how these often-underestimated traits can be leveraged as superpowers in today's dynamic market environment.

What To Do

• Cultivate a Mindset of Inclusion: Actively work to recognize and challenge your biases. This isn't about a one-time training but developing an ongoing awareness that enriches your decision-making and team dynamics.
• Leverage Your Unique Strengths: Identify and harness your inherent abilities. Whether it's your intuition, your empathy, or your adaptability, these qualities can set you apart in the business landscape.
• Support and Advocate: Be a proactive part of the change by supporting initiatives and policies that foster diversity and inclusivity within your organization and the broader business community.

This isn't just a conversation; it's a call to action for all of us to wield our strengths wisely and create spaces where diversity is celebrated. Tune into this powerful discussion and start transforming your approach today.

Discover how to make your uniqueness your edge. Watch the full conversation now to turn these insights into action.

Sending you off with this thought...

Ready to transform potential into progress? Send me a DM with "Call" to schedule your free 30-minute strategy session. Let’s explore how we can elevate your startup journey together.

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