The Big Tech Announcement Not Enough People Are Talking About
Entrepreneur Office Hours - Issue #218
The big tech news of February focused on the release of Apple’s new Vision Pro headset. Heck, it was such a big deal that I even posted an article (and a TikTok!) about it.
But there was some other really big tech news last week. In some ways, it might even be bigger than Apple’s newest wallet gouger, but I haven’t noticed nearly as many people talking about it, so I figured I’d mention it.
According to reports, ESPN, Fox, and Warner Brothers are teaming up to launch a streaming sports app.
Finally!
To be clear, I’m hardly the biggest sports fan in the world. I’m as likely to bird watch as I am to watch the Super Bowl. But, but, but… I appreciate the enormous value and reach of sports.
Simply put, the sports industry is absolutely massive. Combined, it’s one of the biggest and most influential industries on the planet, which is part of why it’s so shocking it’s taken this long for there to be a major push for sports on streaming.
Sure, there are reasons sports weren’t on streaming. Those reasons strongly correlate with the desperate desires of cable companies to remain relevant in a world that increasingly didn’t want them. But we’ve finally made it.
Just like I wrote in my article about the impact of Apple’s Vision Pro extending well beyond the technology itself, I’m pretty sure the impact of the upcoming, TBD sports streaming app is going to extend well beyond the new streamer itself.
For starters, remember that sports have been in a steady decline because younger people weren’t watching as much of them. I have to assume a big reason for that was cord cutting. Now that cord cutting isn’t an issue, will the trend reverse?
Also, sports advertising has been the biggest advertising market on television for decades. What happens to all those ad dollars? And how does the lack of buyable eyeballs impact marketing strategies for some of the world’s most prominent brands?
Then there’s the question of what kinds of new sports opportunities a combined sports streamer might enable. For example, e-sports are almost certainly going to play a big part. Are we about to see e-sports finally take their place atop of the sports world pile?
I’ve got lots more questions. And the point is, you should too. Again, just like with the Vision Pro, when a major technology shift happens, it’s our job as entrepreneurs is to A) recognize it; and B) immediately ask “what opportunities does this enable?”
Did you do that when you heard the news about the upcoming sports streaming app? Just as importantly, if you didn’t, why not? And how can you train yourself to better recognize important entrepreneurial opportunities?
-Aaron
This week’s new articles…
I Met Three Entrepreneurs in a Row Making the Same Foolish Mistake That Always Kills Young Startups
Most new startup ideas fail for the same reason, and it has nothing to do with the quality of the idea.
This One Strange Psychological Quirk Could Be the Key to Entrepreneurial Success
Overcoming the mental challenges of startups is often the hardest part of being an entrepreneur.
Office Hours Q&A
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QUESTION:
Dear Aaron,
I would appreciate your sage advice on this. I’m in the early stages of a startup where my focus and resources are highly limited. With this in mind, what are the core areas I should concentrate on to lay a solid foundation for my business? How do I prioritize tasks in a way that maximizes my startup's chances for success without spreading myself too thin?
Looking forward to your insights!
Best,
Emanuel
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“Early” can mean different things to different people, so I want to be careful about the advice I give here.
If, by “early,” you mean you’ve identified a startup idea that interests you and you’re considering whether or not to pursue it, then my advice is to focus as much as possible on validating the idea.
Is there a significant need for a solution to the problem you’re focused on? Can you access the people with that need? And so on.
In other words, make sure to spend the bulk of your time proving (to the best of your abilities) that the opportunity is worth pursuing. After all, it’s better to spend a couple extra weeks/months doing market validation than a couple years building something nobody wanted.
If, by “early,” you mean you’ve already validated the opportunity and have a product you’re ready to bring to market, then your focus should be almost entirely on customer acquisition.
Customer acquisition is the only thing that matters in the earliest stages of launching a startup. Yes, eventually you’ll need to care about other things (like customer success, new features, hiring, fundraising, etc.), but all those things come after customer acquisition.
Simply put, your earliest goal should be to prove you can get customers because, without customers, you don’t have a business.
Got startup questions of your own? Reply to this email with whatever you want to know, and I’ll do my best to answer!
