What Entrepreneurs Can Learn From Bourbon
This post originally appeared on blog.up.co
RowdMap was proud to sponsor Startup Weekend Louisville, we were pleased to join other entrepreneurs and forward-thinking individuals for this innovation filled event. We are very excited to see this happening right in our backyard - smack in the middle of "Cane-tuck-e" especially at the heels of presenting at several national conferences including South by Southwest.
The impressive bunch of participants at Startup Weekend Louisville provided the entrepreneurial spirit and we provided America's oldest spirit - bourbon. There is a lot entrepreneurs can learn from the Bourbon industry - Bourbon was once an old southern man's drink, and now it's one of the fastest growing spirits in the country and significantly increasing its audience.
It's important for any business, and disproportionately important for start-ups, to know their markets - converting a vodka drinker to a bourbon drinker isn't the same as converting an Evan Williams drinker to a Wild Turkey drinker: in any industry different markets have different kinds of people and they need to be treated accordingly.
Start-ups should have a deep understanding of the underlying factors driving their and their competitors' business in the geographies they operate to first get a sense of the lay of the land and then predict their own risk- readiness. As an entrepreneur, ask yourself - are the systemic drivers of my markets creating headwinds or tailwinds for my business, and how am I equipped to face them?
At RowdMap, we like to say that everyone in the healthcare industry is now a Start-Up thanks to the mass of amount of data now available and the significant changes happening in the industry specifically the move to pay-for-value payment models, and we have built a Risk-Readiness Platform that helps payers and providers measure themselves against national and regional benchmarks and negotiate the best risk arrangements for their organizations.
Not only must you know your market, but you have to invest in talent. Talent can come from unexpected places, like the administrative assistant who became a Master taster at one of the leading bourbon distilleries. Change how you think about talent and invest heavily in it (psst we noticed all the talent at Start-up Louisville Weekend and wanted to remind people we are hiring).
Finally, industries are always changing. You need to be ready to make changes to stay relevant. Several bourbon brands have done this to gain market share and go from a low-class brand to the best bourbon for the value. Find where you fit and don't be afraid to change if necessary.
It was fun sharing a glass of bourbon with you all at Startup Weekend Louisville and remember we are always hiring... analysts, client strategists, sales, feng shui and consultants.
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