Entrepreneurship and the importance of uniqueness
Among the numerous factors which influence the success of an entrepreneurial venture, uniqueness, in my opinion, is one of the most important. Indeed, entrepreneurship is synonymous innovation and many of the most revered businesses men and women are noted for their ability to create novel solutions. Here, I’ll outline why I value uniqueness so highly. I’ll also provide some examples of how I’ve tried to use it to elevate my business.
Novel solutions
Devising novel solutions requires a mixture of ingenuity and intuition, among other things. Presenting quicker or cheaper ways to resolve issues that consumers face is generally well received. The introduction of flat-pack furniture by Ikea is a great example whilst the founders of ChatGPT have been exponents of this in recent years.
When I launched my catering business, I was keen to offer a service which could be setup indoors because all my competitors had vans and therefore were only able to operate outside. I also opted to sell American Pancakes, as well as Crepes, as I noticed that no other street food vendors in London were doing this. In retrospect, I’m go glad that I made those decisions, and I would attribute some of the success that I’ve had to them.
Creating barriers to entry
Focusing on unique ways to promote or deliver products and services can also be a great way of creating barriers to entry for prospective competitors. People often ask me where I purchased the stand, I use to serve food. However, because the stand was custom-made and designed for my particular needs, it’s virtually impossible to replicate. This works to my advantage because it’s more difficult for my competitors to steal a share of my market if they’re unable to deliver a comparable product.
Social media marketing, dopamine, and novelty
The advent of social media has undoubtedly changed marketing for the foreseeable future. According to recent statistics, Instagram has over 2 billion monthly users. It’s also estimated that 45.3% of social media users in America use TikTok at least once a month.
Whilst the prevalence and influence of social media in the 21st century is clear, less is known about the addictive nature of platforms we use so frequently. As Anna Lembke, author of Dopamine Nation, explains “Social media has transformed the way we communicate”. She goes on to point that “the constant availability of social interactions, such as likes, comments, and shares, can quickly become addictive”. The addictive nature of social media is linked to dopamine, a hormone linked to pleasure a reward and interestingly dopamine triggers are especially sensitive to new things. As a result, creating novel and unique content for social media is a fantastic way of captivating your audience and growing your following. I particularly like videos that utilize AI animation as I think that they really stand out from much of what we see online now.
Conclusion
As an entrepreneur, striking a balance between being a trailblazer or someone who focuses on delivering products that consumers are familiar with can be difficult. Whilst there are clearly merits to both approaches, I would urge anyone seeking to stand out from the crowd to embrace their uniqueness and individuality. It is, arguably, riskier to attempt to provide products and services in unconventional ways. However, in the long run, the pros certainly outweigh the cons in my opinion.
