Ideas are not enough. Here’s what matters the most.
You may have come across Bill Gross’s TED talk on timing and startups. It’s one of the most popular ones out there and sheds a lot of light on what often makes a startup successful. Hint: It’s not just ideas, execution, or the team.
One of the main things Gross points out is that timing plays an outsized role in success. According to him, timing accounted for 42% of the difference between success and failure across 200 startups he analysed.
We at LAN agree.
For instance, consider how the COVID-19 pandemic drastically changed consumer behaviour. Yes, the pandemic was harsh on a lot of businesses, but at the same time, there are quite a few entrepreneurs for whom the stars aligned perfectly.
Strive till you get it right
“In the early days, our product was basically an online booking platform for fitness classes. But it didn’t take me too long to figure out we would never make money that way,” said Gayantha De Zoysa, Founder and CEO of Strive — a startup that helps people achieve work-life balance through a holistic lifestyle. “I realised that in Sri Lanka, nobody actually needed a platform to book a class. You could just call or drop a message to the trainer and book your spot. Even if you show up without a booking, you’re not going to be turned away as long as you can be accommodated within a space.”
Gayantha resolved to cut his losses and took a break to re-evaluate the direction Strive was going in. His determination to drag his fledgling startup towards profitability had come at a heavy price — his health.
“I was burned out and exhausted, both physically and mentally,” he said. A chance meeting with his now co-founder and Integrative Performance Coach Keiffer James led him to re-evaluate his own lifestyle. He learned about living a holistic lifestyle and understood its benefits. The duo pivoted, and Strive became a platform that enables people to live better lives. The reimagined business model worked, and the startup was able to slowly but surely sign up new clients.
Then came COVID-19. “When the first lockdown hit, we lost all our clients as we didn’t know how to adapt. But as a result of those lockdowns, there was renewed interest in personal wellbeing, both from individuals and companies. Online coaching also took off. It turned out to be the big wave we were waiting for, so we decided to ride it the best we could!” Gayantha remarked.
Strive embraced an online model wholeheartedly, and took advantage of the vast possibilities it brought. The startup now coaches its clients online and has been rewarded with steady growth. Gayantha and Keiffer are now looking at serving clients outside Sri Lanka.
“Even if I had pivoted to our current model six months before the lockdowns, Strive would’ve gone under. Sometimes, timing matters. You have to always be on the lookout for emerging opportunities!”
Gayantha De Zoysa, Founder/CEO- Strive
When opportunity meets preparation
Ann Nadisha was employed at an airline in Dubai and returned to Sri Lanka just as the pandemic began to dominate global headlines. Finding herself with some time to spare and given her father’s background in the printing and packaging industry, Ann decided to start a small business that made and sold gift boxes. “It was purely a part-time effort; Something to keep me occupied while I waited for things to go back to how they were,” she said.
Little did Ann know how things were going to change. As companies realised that remote work was now here to stay, they shifted gears and tried to find new ways to keep employee morale high. The result? A massive uptick in demand for gift boxes. Ann’s small business, Paint and Paper, had already built up a decent following online thanks to its creative, chic designs and Ann found herself responding to more inquiries with each passing day.
Nearly two years later (Yes, we’re almost in 2022!) Paint and Paper is a flourishing business. Ann employs a small team to help her, and recently delivered her first export order. For her and her business, the future looks bright.
“If you want to do something, go ahead and do it. Give it your best shot, watch out for emerging opportunities, and seize them with both hands when they appear!”
Ann Nadisha — Founder/CEO- Paint and Paper
These are just two startups, but the sentiments that we’ve heard from other entrepreneurs are the same. Time is the only factor that we cannot control, everything else can be either pivoted, hired, or raised. Entrepreneurs need to keep a close eye on the market and observe trends and new developments very closely. That’s how you spot new opportunities!
If you’re a budding entrepreneur, this is a valuable lesson to take to heart. For more nuggets of wisdom, follow us here and like us on Facebook and LinkedIn.
