4 reasons to start a business in an ever changing industry

I recall a conversation with my Grandad not long ago when he was asking me about my business and what I enjoyed doing, and what the latest ‘thing’ was in social media these days.

After sharing my news and how I was trying to embrace ‘live video’ and this new app called Periscope, he asked me ‘How do you keep up with it all? It changes so fast’.  

To give you some context, my Grandad worked for one company, in a fairly slow paced industry for the majority of his working life and career.

Although as an engineer he was always looking for new ways to do things and new technology, the industry he worked in itself was steady and fairly consistent and he knew what was expected of him from year to year.

He didn’t have to keep up with the pace of an ever changing industry where tactics and trends go as fast as they came.

‘I don’t envy you!’  was his closing statement before we moved onto other things.

And it got me thinking… I don’t envy his career. I like the fact that I chose to start a business in an ever changing industry. But it did make me want to really look at why working in an ever changing industry (like say, social media, music, TV) is the best thing for your business.

Here’s four conclusions I came to:

1. It doesn’t get boring

For me, it’s vital to have interest and new things to test and learn in my business. It’s partly my personality (I’m an ideas/creative type) but also, I think, down the attention span of our generation.

We’re not content with settling for steady, and are used to rapid change more than previous eras. Just look at technology over the last 10 years alone compared to the previous 100 years – lightening speed change in recent years!

Working in an ever changing industry satisfies our need for something new.

2. There’s always room to grow

With any business or career, your growth is key. We are always working towards the next level, whether you’re employed or self-employed. With fast paced industries, there’s always room for growth and development. You can hone your expertise in a latest trend or tactic and if you feel you’ve reached a dead end, there’ll be another opportunity to develop your skills and experience just around the corner.

3. If you can find the fundamental principles, changes give you opportunities not challenges

With any industry, there will be fundamental principles which will never change. Take social media for example – at it’s core are key marketing & communication principles which have been tried and tested for years.  It’s just the tools and technology that change.

This gives you the opportunity to remain up to speed in your industry and just adapt these principles to the new tools and technology.

Where my Grandad saw a big challenge, I see just another opportunity to connect and communicate with people who can get value from what I offer as a business.

4. There will always be someone to help

Because things are so fast paced in social media, there’s always someone who’s struggling to keep up and needs to learn. Which means there’s always clients and customers! Whether you teach your expertise, or do it on behalf of your clients, the changes mean you’ll always have plenty of people to support.

Leave a comment

I’d love to hear your thoughts on this topic. Specifically:

• What’s your experience of starting a business in a fast paced industry
• Which industries do you think are slow or fast paced?
• If you’re just setting up a business, are you worried about the pace of your industry?
• Which of the four conclusions I’ve shared above resonate most?

Jen Smith coaches entrepreneurs in social media.