Expanding Your Horizons: The Benefits of Establishing a Business in an Unknown Market
Hope Horner, the legendary CEO of Lemonlight, a renowned production company based in LA, has a captivating entrepreneurial journey. When she and one of her co-founders first started their company, they closed a significant number of video project sales within their first month. The catch? Neither of them knew the first thing about video production.
Such a situation could have spelled disaster, right? But surprisingly, it wasn't. They figured things out as they went along, and their lack of experience actually turned out to be one of their greatest advantages.
If you're mulling over an business idea in an industry you're not entirely familiar with, and you're hearing nothing but skepticism from people like, "What are you thinking?" or "That'll never work," then this piece is for you. Starting a business in uncharted territory can appear daunting, but sometimes, it's exactly what you need.
1. Embrace Your Inexperience
Not knowing everything about your chosen market isn't an automatic pass to failure. Instead, it can help you steer clear of the narrow-minded thinking that comes with knowing too much.
When we entered the video production industry, we weren't bound by traditional processes or industry standards. This gave us the freedom to experiment and approach problems with a fresh, uninformed perspective. While industry veterans might have been stuck on how things "should be done," we brought a new perspective to the table. And though we may have been green when it came to video production, our clients appreciated our innovative approach.
So if you're venturing into new territory, embrace that learning curve. Inexperience can be a powerful asset when it encourages you to think creatively and question established norms.
2. Join Forces with the Right Team
If you're launching a business in a field you're not entirely familiar with, don't let a lack of knowledge deter you. Instead, surround yourself with people who possess the skills and experience you lack.
Early on, we brought in a third co-founder who was a seasoned video production expert. While inexperience can help you see things differently, having someone with expertise is critical for delivering on your promises. It frees you up to focus on learning, growing, and steering the business while ensuring you're still providing value to your clients.
3. Believe in Yourself
When we first started selling video content, we had no idea what we were getting ourselves into. We didn't know the ins and outs of the industry, but we were confident in our ability to deliver on our vision and figure things out along the way.
Starting off can be intimidating, especially when you don't have all the answers. But sometimes, self-doubt can be your own worst enemy. Don't be afraid to dive in, make mistakes, and learn from them. Embrace a "fake it till you make it" attitude.
Final Thoughts
Entering a new industry with an open mind can open up new possibilities and provide a fresh perspective. Mistakes may be inevitable, but these missteps can also lead to innovative solutions. If you're new to the scene, remember to lean on your ignorance as a strength. Break the rules. Challenge conventional wisdom. Your fresh perspective might just be what the market needs.
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- In her journey as the CEO of Lemonlight, Hope Horner showcased this mindset when she and her co-founders, despite their lack of experience in video production, successfully closed numerous video project sales in their first month.
- Emulating Hope Horner's approach, if you're starting a business in an unfamiliar industry, you too can leverage your inexperience by teaming up with experts who can complement your skills and help navigate the industry while you focus on innovating and delivering value to your clients.
