Tangoo, started by Sauder alum Paul Davidescu
Naked Coconut, started by Sauder alum Paul Gill
My classmate Fang Fang recently wrote a blog post about her takeaways from the opportunity we had to hear from three Sauder Alumni who’ve started their own businesses. Fang’s post revealed that after hearing from these alumni she believes that in order to find entrepreneurial success it’s necessary to start out small, and develop an idea which meets a specific consumer need.
I agree that the concept of starting out small was an important takeaway from what these alumni had to say because a new venture can’t possibly attempt to scale up before it’s proven it has the ability to succeed on a smaller level. Essentially, all start-ups must ensure they can walk before they try to run. I also agree that meeting a specific consumer need is a vital concept to keep in mind when creating a new business. Without a clear point of difference a business can’t establish a significant competitive advantage, and as such, any new start up is doomed from the outset if it doesn’t first consider how its concept or product can uniquely solve a consumer problem.
In all, Fang Fang’s blog post offers a nice summary of the most important concepts to keep in mind when starting a small business that the Sauder Alumni we heard from put forth.
To read more from Fang Fang, find her blog here: