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The 1% Fallacy: Are You Aiming Too Low?
Joel Ciniero challenges entrepreneurs to stop thinking small in a big market. One percent of $150 billion is $1.5 billion. Sounds like a pretty good business plan, doesn’t it? Not to Joel Ciniero. The President and Founder of Kongusto has a name for the thought process that look at a massive industry and say, “If we could just capture 1% of that market, we’d be rich!” He calls it The 1% Fallacy. Ciniero uses the $150 billion U.S. outsourcing industry to make his point. It’s easy to get excited about the numbers. After all, who wouldn’t want a billion-dollar business? But there’s a problem with that thinking. Somewhere along the way, the excitement over the potential payday replaces the ambition to build something truly exceptional. Ciniero argues that successful business leaders aren’t content to settle for a tiny fraction of the opportunity. They’re looking at how to capture 10%, 20%, 50%, 70% or even more. And that raises a question worth asking: Are you building your business to win, or are you building it around what feels safe? In this video installment from his Wisdom From the Patio Series, Ciniero challenges entrepreneurs to reconsider what happens when they set their sights too low. Watch the video and decide for yourself. Is 1% enough? To learn more or connect with Joel Ciniero, President and Founder of Kongusto, email joelc@kongusto.co or visit www.kongusto.co.
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