Next up, we’ve got a tweet from a guy called Mike Volpi, which I hope I’m pronouncing his name right. He is one of the first hires at HubSpot. I think he ended up being the chief marketing officer there. And I think he’s now an investor of some notes. And his tweet was quite interesting for a couple of reasons. So I’ll read out here first. He says, Dropbox is SharePoint, but better Zoom is WebEx, but better. Our table is quick based, but better. Salesforce is Siebel, but better. Sometimes you don’t need to invent something totally new. Now, depending upon your age, you may or may not know what the the second names are and all those lists. But I think the point here that he’s illustrating is that which is something that we talked about before, which is to do with you don’t have to go and create something completely new in a market in order to become an entrepreneur or to have success in building your own business. In actual fact, the fact that some other people are already in the market and being successful, the market is actually a good signal that a market exists and B they’re willing to spend money on solving the problem and that you can compete in a market by executing your competition or by having an edge on your competition, be it through technology or execution or some other angle coming at it from because all of those companies listed. Second, there were huge companies and there are many of them are still large. Many hundreds of millions dollars sized company. But the other companies that have overtaken them started out as tiny little one, two, three person companies have grown to eclipse what were previously the giant companies in those areas. So don’t think that just because, you know, you’re entering a market where there’s a huge competitor that’s got infinitely more money than you’ve got, that that is impossible for you to compete or that you can’t or is a bad idea. So into that market, particularly if you can look, for example, and find markets that are growing in total size. So Google Trends is a good place to sort of get a signal for that. You can go to Google Trends, type in some keywords related to the market you’re interested in, and just see what the search history is. Over the last few years, the it’s up into the right. That means it’s a growing market, meaning that there’s there’s increasing space in that market for competitors. Sure. The big guys growing, but also the proportion of able for little guys getting bigger and bigger, bigger. You know, you may only you may enter a market and they may only only be 10 million dollars for you to sort of grab because someone else has got like 200 million dollars of that market. But if that market 10x in size, then your 10 million goes one hundred million. And, you know, you can ride that wave of the growth of the market as well as your own sort of personal growth as a company. Have you had an experience of this kind of thing?
Oh, yeah. I think to something we talked before on, I just said that there are two ways to, you know, launch a successful business. Either you improve on existing product 10x, so 10 times or more. So you see significantly better and you will do very well or you improve something slightly so incremental but is utilitarian. So it is something that affects a lot of people. So it could be on that day there, 5G example with telcos that everyone has a phone or it could be something, you know, energy or any kind of that stuff. So anything. Yeah. Like moving, you know, even electric like batteries, some cars. So, yeah. So it’s some technology improvement because car seat cars, you know, leaving aside their self driving, which is not fully autonomous yet, the car seat of the car. So you will take the same pace and these not so but slight, if not improvement, meant that Tesla eyes are the most valued company a car company was because long term will create an impact us better impact. But yeah, so on. I will also endorse what you are saying, that if there is a market there and it’s already good news, it should be like a red flag. If there is no one doing what you want to do and that increases your risk.
I would say something we talked before. Well, is on Prius podcasts is yet the risk on their communication on something completely new. Because it you know, we all as humans run and go our day by recently by analogy, you compare this and otherwise it is. Is it. Information on and you don’t want to spend too much time thinking when you’re going to buy something, or do you want Sensenbrenner to put that pressure on on the on the customer, that friction because this gun is not in your favour. So the cost of communicating something completely new and completely different. This guy is going to be superhit. So you wrote take something that’s working in a market that’s growing and make it way better. So I think that’s a good strategy for sure.