It’s a volatile market out there with the UK economy still feeling huge impacts of the pandemic with the ONS stating that the UK” …has still only recovered just over half of the lost output caused by Coronavirus” (business live). With another potential surge in Covid cases in the next six months, there could be another big hit on business on the horizon
Despite this, there are many ways existing companies can gain a competitive advantage, such as Nintendo (Nintendo Times) and Reckitt Benkiser (RB.com), who have both reported positive results for the first half of 2020. This prompted me to think about how they’ve done this…
With the rise of digital technology we have seen ‘game changers’ coming to the fore with the likes of Zoom, Spotify, WhatsApp and now companies such as Stripe, all of whom have seen an opportunity, applied their unique offering, innovative business plans and effective marketing strategies to bring their solutions to life.
Disruptors are nothing new, we have seen this for decades with companies carving out their own niche on the route to market; Aldi, Amazon, Dualingo. Those that have recognised an opportunity to make a difference to consumers and thrive in often fragmented markets.
It’s easy to assume that a disruptor to the market will make a radical change to the industry overnight, whereas the opposite is more often the reality. Mixing things up and challenging existing consumer behaviour is no mean feat. It requires awareness, education and trust from your target audience before they are prepared to take a leap into the unknown. For all the best, most innovative solutions out there, it still takes time to build confidence and encourage people to take risks.
“Problems are just businesses waiting for the right entrepreneur to unlock the value’, Jay Samit
So… what is the key to success? There are three main areas that a business will need to address; identify the problem, utilise technology, take a risk.
Identify the problem Sometimes an idea stems from a point of frustration with the way things operate. Working in recruitment for the last 20 years and trying to source talent for roles that require highly skilled resource in 24 – 48 hours, is an exciting but challenging task. There are many different sourcing channels available but unfortunately, from my perspective, all of them had their limitations and frustrations when it came to time, cost, and size of the talent pool.
This is certainly where my inspiration for Talent Toute arose. I kept thinking that there must be a better way, if only I could cut out the middleman and go straight to the talent out there, who are probably just as frustrated and eager to connect with me.
Fast-forward 5 months of hard work, grit and determination and I couldn’t be prouder to present Talent Toute to the world, ‘No Agencies, No Job Boards, Just connections’.
Utilise Technology In 2020, the number of smartphone users in the world is 3.5 Billion, which translates to 45.15% of the world’s population owning a smartphone. Moreover, by the end of 2020, more people will have phones than electricity or running water (Bankmycell.com).
A startling reality of the word we live in, emphasizing the need for us to reach consumers via a digital platform, to carve out efficiencies and pave new ways to penetrate the market.
The recruitment industry is not exempt. Now is the time for us to provide new, forward thinking solutions and it doesn’t stop at resourcing. There are many new pioneering solutions that extend across interviewing, selection and onboarding for example, which are now becoming utilised across the field of HR and Recruitment.
Take a risk Many budding entrepreneurs speculate over multiple ideas that come to mind and find themselves pontificating over these thoughts, wondering whether the idea is sound enough. Asking questions such as; will there be a market? What if there’s fierce competition? Will it work? How do I fund my business?
There are many challenges to overcome and some mountains to climb, but my advice to anyone thinking about tackling their own adventure, would be to investigate your idea, address and find answers to the many questions you have and trust in your instincts.
Sometimes we just have to take an educated, informed risk. I chose to embark on this epic adventure, rather than spend life just wondering if it could have been a huge success.
If you’re a business looking to banish the same frustrations I had, take a look at how Talent Toute works for Businesses. Likewise, if you’re an IT contractor looking for a simpler way to attract your next job, then download the app and create yourself a profile.