â€˜Enjoy failure and learn from itâ€™
The risks surrounding a startup are well known by many, the uncertainty of success, financial aspects and the overall unsettling feeling of where exactly to begin can be overwhelming. Plans and ideas are one thing, but with over half of startups closing within 5 years it is clear that executing these ideas and having others believe in them too, can be a whole other story. One clear example of this was Dyson and his entrance into the market.
Most entrepreneurs and new businesses will face barricades of some form, often it can be from people not accepting the changes that come with what you have to offer. Technology is a key example and Dysonâ€™s product was a revelation to the industry at the time of entry in the 90â€™s. The UK vacuum cleaner market was worth over Â£170 million but dominated by two established brands holding 40% market share each.
Brand personality, revolutionary design, patent protection and key marketing techniques meant James Dyson made his product needed and untouchable. That is not to say his struggle nearly bankrupted him with many rejecting his idea. It may be the people youâ€™re attempting to provide a service for are not interested, they have their own way of doing things – and change is scary. The perseverance through this time will prove that the service is worth having and paying attention to. By the end of 1999 Dyson was turning over profits of 24.3 million â€“ a moment worth waiting for!