So what are the qualities necessary to become a disrupter in business?

The key ingredients must include: innovation, a gap in the market, finance, correct timing, persistence and, not least, luck. The focussed entrepreneur can drive all these qualities, including luck. So here is what it takes to be a disrupter in business:

Innovation. Don’t even get out of bed and imagine you can change the world of business unless you have a really innovative product, business idea or service. Innovative ideas can be built on improving an existing product or business, they do not have to be brand new or original, unless patent protected, but they do need to be demonstrably different and better than what already exists. As an aside, the more enduring and difficult to copy the better the innovation.

A gap in the market. A disruptive business almost always spots and exploits a gap in the market. It is wonderful to focus on innovators like Steve Jobs of Apple, or Bill Gates of Microsoft who created whole new approaches to business products. But they are truly the minority and trying to come up with a unique, original game changer is a really tough task.

The disruptive business identifies a way to do something better, more simply or cheaper. An example might be Spotify who offer music downloads on subscription and NetFlix that has made fixed-based DVD rental companies like Blockbuster look like dinosaurs.

AirBnB headquarters in Dublin which opened earlier this year

Finance. You can have the best idea in the world but if you cannot fund the idea you will never make it. Very few businesses survive their first three years of operation. Entrepreneurs have two choices essentially. Firstly, to seek seed finance right from inception thus helping to secure the development of the product and market for it. Secondly, an entrepreneur can take their product, service or idea to profitability or close to it and then seek funding for expansion.

Neither route is necessarily right but it is critical. AirBnB is a good example of a company that sought and received private investment funding having had a proof of idea period. The company is a disrupter because of their unique ability to provide overnight accommodation without any of the overheads that a hotel or motel has.

Correct timing. This is a critical element of success. So many businesses have great ideas but if the timing for your product or service is not right for the market then it does not matter how good you are or how innovative the idea.

The only thing that will get disrupted is you. Getting the timing right is actually quite hard. Pre-market testing, doing your homework and ground work is so important if you are going to avoid having a great idea and then watching someone else go off with the rewards.

Persistence. Entrepreneurs are a determined bunch. They work extremely long hours, are passionate about their disruptive idea and absolutely persistent in making it happen. This is not just a question of being belligerent. It is about being willing to get in front of people to listen carefully about their criticism, taking it all on board and improving your ideas where possible. But at the end of the day it is about doing it.

Taking the risk, believing in the idea and not letting anything, or anyone, from stopping you make it a reality. It means working odd hours and absolutely not giving up when things go wrong because things will go wrong, a lot.

Luck. Well we all need a bit of luck. To get the entire essential ingredients all working together is more art than science and so chance does play its part. However, a business disrupter can get the odds working in their favour.

First of all it is crucial to make sure that you are getting paid to take the risk. Be honest with yourself – is this a good idea or your ego at work? Another useful tool is to really do market research ahead of launch and play Devil’s Advocate – think of every reason why you will fail and if you can answer all of them then you may succeed. 

One thing that is not often mentioned is a strategy to deal with success as a disrupter. So few get to this stage of success that, perhaps, it is not often thought of, but it is vital. You need to work out what you will do when you get into the position of having disrupted the market. Because the one thing you do not need, after all the risk you have taken, is another disrupter knocking you off your perch. In other words make sure that if you arrive you also survive.

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