Winners Adapt and Overcome
There are often two kinds of entrepreneurial tales. One is about the founder finding success as a result of dogged persistence following hundreds or even thousands of rejections. Also common, though with considerably less dramatic entertainment value are the cases where the founder succeeds after successfully shaping and iterating his value offering in response to technical, consumer and market feedback. In other words, by developing his value offering in large measure the way larger companies do.
With this as background, I wish to share a recent experience involving one of my entrepreneur clients, MatchMyFoot. They have developed an ingenious method of accurately predicting a customer's shoe size. This can be very useful when making online shoe purchases. One only needs to know that Amazon recently purchased shoefitr, a company that also predicts shoe size (although less accurately, in my client's estimation) to realize that my clients are pursuing a big market opportunity. MatchMyFoot achieves its shoe size predictions by using photographs taken by the user with their smartphone and converting them into virtual 3D models.These are then automatically compared with actual shoe model dimensions to very accurately predict best shoe size fit.
While our solution is technically highly accurate, we have recently learned that we need to simplify the photography taking process. Faced with customer feedback from a trial which confirmed this need, my clients will iterate and adapt their solution to enhance its usability. This will improve their product and should also substantially enhance their success prospects.
There is a very important difference between an entrepreneur, or anyone, who stubbornly persists in the face of resistance and someone who clear headedly responds to credible feedback and makes well reasoned adjustments when necessary. While both may find success, the odds favor the one who sees things as they are and adapts to overcome the obstacles he faces.
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