The American government and many economists have gotten it wrong. The launch of a successful business and employment creation does not stem from the efforts of big business. In fact, the big corporations are sitting on more cash than ever in their history and the job market is not growing in the industrialized segment of the economy.The question, why? has not been answered, and it will not be until we look seriously at the role of the entrepreneur in business the world over.
Generation I (Ideas, Individuals, Innovation)
The Generation I entrepreneurs have accomplished what many in the business world look upon with amazement, or what they are reluctant to accept as possible. These entrepreneurs have found the way to connect to the people they can serve.
We can look at these new innovators and discover where they depart in methodology from the old business model. Generation I has discovered the social enterprise where people are connected by many thousands of micro-interactions between people online to create the success of using social media. The manufacturing companies have yet to come to grip with this tool.
Generation I at Work
Kevin Systrom and Philippe Kahn are the creators of Instagram, which recently was sold to Facebook for $1 billion in a deal that took only 48 hours to complete. As of April 27, 2012 Instagram has reached 40 million users with Oprah Winfrey being the latest celebrity to join. Oprah will add to the popularity of Instagram because many Americans want to know what Oprah is doing.
This need to know is critical to why people will become followers. Can anyone imagine a $1 billion business deal be finalized in 48 hours amongst the old way companies?
Rakshith Krishnyppa created “gramfeed” which is a website for viewing Instagram Photos. Only four days after launch on Android it had 5 million new viewers.
A Look Back to See Forward
Let’s compare the success of an earlier entrepreneur by the name of F. Sherwood Rowland. Not exactly a household name, but nonetheless his work has affected every household. It was in 1974 that Rowland demonstrated how CFC’s were destroying the ozone.
It was epic work that rewarded him with the active opposition of the chemical industry. He steadfastly maintained his warnings about the dangers of CFC, and British researchers found a hole in the ozone in 1985. Rowland and two of his colleagues won the Nobel Prize for Chemistry. Rowland was an entrepreneur who never gave up, and his career is a lesson in courage.
What did Rowland lack that the successful entrepreneurs have today? First and perhaps foremost he lacked a leadership position in the social media, which actually didn’t exist in his era.
The coming of the social enterprise is first and foremost a sign of the most insightful change in how we consolidate for wealth.
In Rowland’s case, it would have been how we achieve the acceptance of a concept. Some say that the social enterprise is probably the most significant business change in two hundred years.
More importantly, it is how many thousands of micro-interactions between people online create the entrepreneurial success. While the analogy between Rowland, and Systrom and Kahn may be skewed, it is nonetheless an appropriate comparison of how the message is disseminated and utilized.
5 Key Factors for Generation I
1. Must have sharing aspect, which is to say that the target audience must have some say in how they use it.
2. Must support an under-served need, which means that the market must be there to support the product. No market, no business! Anticipation and foresight of the “next” progression are how successful businesses are built.
3. Must be enjoyable, because if it isn’t, people will find another place to put their discretionary money. Youtube, Twitter, Facebook, Pinterest and Google+ are all enjoyable platforms for the audience. They spend a considerable amount of time on these social platforms .
4. Must communicate a big reason why your product or service is more useful and more enjoyable as well as technologically superior. When you make it useful, you make it worth while. Simplicity is another word for technologically sound.
5. Must have the ability to integrate across platforms. Twitter is a good example. They have their platform but their feeds can be integrated into Linkedin, Facebook and your own website.
Not all businesses will capture all 5 of these keys. Depending on what businesses you are in, a combination of these may be the target you set first.
That’s all for now. Have a great day!