The Rise Of The Bandwagon Entrepreneur

Introduction

Entrepreneurship has always been a popular and fascinating topic, especially in today's world where technology has made it easier for anyone to start a business.

But these innovations have also birthed a new type of entrepreneur.

Someone I call the bandwagon entrepreneur.

Because really, who needs experience or a well-thought-out plan when you can just jump on the latest trend without a care in the world?

In this blog post, we will explore this phenomenon and its impact on the entrepreneurial landscape.

The Bandwagon Effect

The bandwagon effect is a psychological phenomenon where people follow the actions of others simply because they believe it is the popular or correct thing to do.

In the world of entrepreneurship, this effect can be seen in the rise of bandwagon entrepreneurs who start businesses based on the latest trends.

For example, when cryptocurrency became popular, many people started investing in it or creating blockchain-based businesses without understanding the technology or the market.

But hey, who needs knowledge when there's money to be made, right?

Now you have 20-year-old experts who are getting rich off of selling you “How to get rich.”

FUGAZI!!

Hey, I’m not going to lie. Earlier on I fell into some of these traps. I didn’t know better but also these “gurus” aren’t as bad as they are now.

Now you have a 24 year old “Sales Expert.”

You kidding me?

Take a step back and see how stupid that sounds.

No don’t get me wrong, there a people who are naturally gifted… like myself.

JK… kinda.

But how, in 2 years have you become an expert in something?

A “real” entrepreneur would continue to improve their craft, build an amazing business and then down the road help others or do some consulting.

Consulting/Coaching is a long-term play.

Not a 2 year plan.

The Pros and Cons of Bandwagon Entrepreneurship

Bandwagon entrepreneurship has its pros and cons.

Yes… it has both.

On the one hand, it can be a great way to seize a new opportunity and make a quick profit.

For example, if you start a business based on a new trend that becomes popular, you could potentially make a lot of money.

On the other hand, bandwagon entrepreneurship can also be risky because it often lacks the research and planning necessary for long-term success.

But who cares about long-term success or standing out when there's money to be made right now?

Joking.

But what happens with short-term success is that you don’t learn the skills or build the traits needed to be “rich” long term.

That’s why entrepreneurs who build massive companies but lose it all can still make it all back.

They still have the skills it takes to get rich.

Young people often make the mistake of having short term thinking.

I want to drive Lambos and travel to Bali NOW!

Then they do that and the money dries up and so does the trend they were riding on.

The Impact on the Entrepreneurial Landscape

The rise of bandwagon entrepreneurship has had a significant impact on the entrepreneurial landscape.

While it has made it easier for people to start businesses, it has also led to a crowded and competitive market.

Moreover, it has also made it difficult for investors and consumers to differentiate between genuine and opportunistic entrepreneurs.

As a result, it has become more important than ever for entrepreneurs to focus on developing unique and sustainable business models rather than simply jumping on the latest trend.

It has also created a generation of “instant gratification” entrepreneurs.

People who expect results immediately and don’t want to put in the work.

But who needs uniqueness or sustainability when there's money to be made right now?

Conclusion

In conclusion, the rise of bandwagon entrepreneurship is a fascinating phenomenon that reflects the changing nature of entrepreneurship in the digital age.

While it has its pros and cons, it is clear that this trend will continue to shape the entrepreneurial landscape in the years to come.

Aspiring entrepreneurs should be mindful of the bandwagon effect and focus on developing innovative and sustainable business models that offer real value to consumers.

Or they could just jump on the latest trend and hope for the best.

The decision is yours.