How entrepreneurs in this 21st century should take bold risk along with creative innovation?
Technology is accelerating at an unprecedented growth every year exponentially in various sectors such as biotechnology, artificial intelligence (AI), synthetic biology, neural networks, cognitive computing technologies, medicine, agriculture, social media or nanotechnology.
There are few entrepreneurs are disrupting along the technological disruption exponentially such as Google, Facebook, Salesforce to name a few.
The World’s biggest entrepreneurs are looking at the biggest problems to solve. Problems where billions of people are facing currently and they are deliberately working to solve in the coming decade. Such entrepreneurs like Larry page, Jeff Bezos, Elon Musk, Richard Branson or Naveen Jain.
As per Peter Diamandis wrote in his book Bold, Disruptive technologies are pushing businesses to be demonetized. Companies such as Skype, craigslist are providing basic services free. Along with that disruptive companies are also becoming dematerialized (moving out from providing goods to service) and democratized (the basic service costs become so low that everyone can afford and utilize them at minimal cost).
All disruptive companies have a vision. Their leaders never swayed away from their primary vision. Google had a vision to invent an algorithm, it can rank and index all searches people are making over the internet and they finally succeeded in it. Google’s next challenges are driver less car and artificial intelligence. Google is using a rooftop sensor called LIDAR for its driver less car project. LIDAR enables a self-driving car to observe the world with 360 degrees of visibility with accurate depth.
Another key disruptive innovation is 3-D printing which is going to take a big stake from the global manufacturing industry. According to KPMG survey, more than 25% of manufacturer is investing in the 3-D printing and additive manufacturing technologies. Also, another 25% of survey respondents, invested into Artificial Intelligence (AI) and cognitive computing technologies.
Smart entrepreneurs have started taking advantages in AI, robotics, 3D printing for lowering costs and driving efficiency.
There are another disruptive technology which is Internet of things. There are more than seven billion smartphones and tablets are connected. Each of them has different functionalities inbuilt such as accelerometer, camera, maps, pressure sensitive touch screen, Pedometers, sleep monitors, blood pressure monitors or heart rate monitors are increasing every year.
Each of these devices detect information and they will be hooked up to the network where they will communicate with each other, virtually all electronics product you have in your home will be communicating each other and provide you valuable data for decision making.
Technology experts are working on Robots to be used not only for logical output, but also for emotionally interactive, loving, funny and creative.
The key philosophy of these disruptive industries are providing reliable, affordable and abundant service.
All exceptional entrepreneurs who are working behind these disruptive technologies have a battle-hardened and psychologically strong mindset. They have the ability to think at larger scale and ready to take bigger and boldest challenges.
As Bezos said, good entrepreneurs do not like risk, they seek to reduce it. Entrepreneurs need to change their mindset from long term try and test to ‘minimum viable product’ where immediate feedback from customers help to iterate or upgrade much faster.
The rapid iteration is an excellent process for accelerated learning curve which will help people to the path of mastery of their work. True mastery of skills along with big goals and core personal purpose will drive to disruptive innovation which will be the core of our heart to contribute to the world positively.
Entrepreneurs to be customer focused (Virgin, Zapos, Google), building a platform (Uber, Hubspot, AirBnb), share with others (Facebook), believe in probabilistic thinking (Jeff Bezos), think big (Elon Musk) and start small. And have a big vision with enhanced creativity (Steve Jobs) to take the humanity towards progress.
‘Innovation distinguishes between a leader and a follower’ Steve Jobs