💡 Business Brainstorms 💡- My favorite ideas of the week
🙈 Innovation Fallacy
Useful reminder that being “innovative” is the last thing you should be worrying about as a founder.
Building a business is already difficult enough without constraints like this.
Just find something with proven demand and offer it slightly better or cheaper.
You might not become a billionaire this way but your odds of being able to stay in the game indefinitely are 100x higher.
🦄 Enty
Finances on Enty is an easy-to-use tool for managing your company’s financial data with detailed insights.
Set up in a few clicks: share your website link and connect your bank account to create a customized financial dashboard. Control all your bank accounts in one place, track your cash flow with live data from connected accounts or uploaded bank statements, and get more knowledge about your finances with the built-in AI Assistant.
Finances is fully free now and comes under the same subscription with invoicing, contract creation, and e-sign solutions, try Enty now!
(Enty sponsored this issue of Business Brainstorms.)
🪦 RIP Social Apps
Thinking about this makes me sad but this means there is probably some truth to it.
🍇 No More Low Hanging Startup Fruit?
Is the era of startups that require minimal capital over? No more “Airbnb for dogs” and instead “build a better quantum computers”?
Maybe it’s just my personal bubble but it seems like it’s harder than ever for bootstrappers/indie hackers, not just startups, which points in the same direction.
Fewer newcomers find any form of sustainable success and progress has become stagnant for many.
10 years ago you could make decent money building something as simple as a Bingo Card Generator. Now there are dozens if not hundreds of competitors in all standard SaaS niches.
The only exceptions are products built on top of new technologies like AI.
☕ Localization
For many years “globalisation” and “standardisation” have been the name of the game.
Chains like McDonald and Starbucks became huge because they deliver consistency across every store around the globe.
But as always, each trend breeds a countertrend. Here the countertrend is localisation.
Kopi Kenangan, an Indonesian coffee chain, customises their products to each local market. A Kopi Kenangan latte in Singapore will taste different from a latte in Indonesia.
This strategy seems to be working given how fast the chain is growing.
End Note
I’m traveling to Singapore and Bali next week. It’s my first time there, so if you have any recommendations, let me know!
And as always, if you’re enjoying this brainstorm, I’d love it if you shared it with a friend or two. You can send them here to sign up.
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Have a great week,
Jakob
PS: Want to share feedback anonymously? 🙋♂️