Top Ceo Explains Why You Have To Dream Big If You’re An Entrepreneur

Entrepreneurs today haven’t changed very much from entrepreneurs of the past. It’s always a gold rush, an oil rush, an internet rush or the likes. New markets become saturated really fast and hard to compete in. According to Kevin Sheehan, one of the most capable CEOs of our time with extensive experience in the cruise line industry, those “gold rush” industries, for most entrepreneurs, are not sustainable long term. He gives an example from one of the smaller industries.

 

The Dropshipping Gold Rush

 

Take for example the relatively smaller scale dropshipping industry. It used to be that you could buy one product relatively cheap on a site like alibaba and flip it for two or three times the price on your own site for a profit. Now you can’t really do that anymore as the low barriers to entry meant that you can’t stand out from a million other people who rushed to do the same thing as you, and any chances of growing a profitable business like that are pretty much dead. People who figure out how to dropship five years ago are now selling online courses on how to do it, and if you think about it, there really is no reason to give away your secret formula unless the system was starting to no longer work. These former dropshippers are not only selling the courses on dropshipping, but are selling add-on courses on SEO, which is the real money maker in 2018.

 

What Can You Do?

 

Sheehan has the answer for you. The simpler the concept (e.g. dropshipping) the easier it is to get started, but that also means the easier it is for competition to get you. Conversely, the harder it is to get started (e.g. building rockets), the less competition you will face. So instead of starting such a business as dropshipping, building websites or developing apps, why not dream big (but not too big) and start a cruise line?

 

It’s Not That Hard if You’re Smart About it

 

Now the process might be lengthy and expensive, but it’s not terribly hard if you’re smart about it. You’ll first have to come up with a business plan and hire engineers to come up with a design for the ship. Your business plan has to be very well researched and present every aspect of the future business in a very granular way. The next thing you will need is to hone your pitch and get starting capital. Research your local venture capital funds and look for the ones that have a portfolio of companies that are similar to what you are working on and then contact them. You will have to set an appointment and come present. Assuming you did it right, they will fund you. You might need multiple funding rounds from multiple investors. Now suppose you have been funded, it’s time to put your project in motion and build the ship!