The Big Idea? Or The Next Best Thing?

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During an industry event I attended in June, I had the pleasure of meeting a successful entrepreneur who had some advice for those looking to start their own companies: pick a business that already makes money.

On the one hand, that makes sense. After all, startups aren't just about having fun and being the boss; they are businesses and need to make money to survive. But on the other hand, the most innovative companies are developing groundbreaking products or services through new and untested business models. No matter how strong the business plan or how reputable the investors, these entrepreneurs can only hope that enough people will be interested in what their companies offer.

The best approach to entrepreneurship is somewhere in the middle between trailblazing and the tried and true. Unfortunately, many entrepreneurs today seem to be adopting only the latter approach -- taking successful companies and copying or building off them. Have you seen how many companies today offer cloud-computing solutions, e-commerce portals, and social communities for everyone from artists to physicians? I'm not sure how long a great idea lasts these days, or whether anyone remembers a name, but in the end a startup will only defeat its competition if it has the right marketing and communication plan. The questions that these entrepreneurs, copycats and pivot artists have to ask are all the same: Who are our potential customers? How should I reach them? And what makes our company better than the rest? The answers to these questions are not easy, but they are the key to making money, being a boss, and calling yourself a successful entrepreneur.

Inventing Company Names

The Wall Street Journal had an interesting story about the challenges of naming startups when the availability of domain names drops everyday. Many entrepreneurs, searching for short URLs, have used their to imagination to invent their company names, such as Kaggle, Mibblio, and Zaarly.

The creative names are part of the mentality of today's entrepreneurs, who are breaking all the rules as they follow their dreams. In a sense, that's what the startup is all about: creating not just a business but a home that expresses who you are. Entrepreneurs today want casual offices with ping-pong tables and free food and drinks. They want employees to love what they do, and share in the company's success. Most of all, they don't want to be bound by the established norms. They are ready to be part of a new world, where anyone with a dream, a strong work ethic, and access to cheap programmers overseas, can become a successful CEO.

So to all those doubters, beware: my company, www.dhfmanfrauec.ly is launching soon.