Four Important Lessons That Every Entrepreneur Can Learn From The Talent Incubator That Is American
Entrepreneurs are constantly trying to sell themselves and their startups to potential angel and seed investors, banks, and venture caps to raise funds or trying to peek the interest of large companies for a potential acquisition. Some entrepreneurs will successfully secure the support they need relatively early, while others will face several rejections prior to finding a way to succeed. So, what are the parallels with American Idol?
The best voice doesn’t necessarily win it. Like the singing competition, which crowns an ultimate winner, who is not necessarily the singer with the best voice, so do investors not always chose to invest in the entrepreneur with the best idea. When getting ready to pitch, be sure to remember the old VC adage, “Better invest in an A-type entrepreneur with a B-type idea then with a B-type entrepreneur with an A-type idea.” Work on how you present yourself how you showcase the talents of the key members of your team. As a case in point, look at how many American Idol contestants were crown as champions and how many in the top 10 had better voices but lacked something else to attract the votes (eg. Elliott Yamin was arguably the best singer in season 5, but finished third).
The most genuine singers make it the farthest. Every year, if there is one constant observation, it is that the singers that are the most genuine about what they are singing and how it relates to them, are the ones that advance. Those entrepreneurs who come across as passionate about the problem they are trying to solve and that can relate directly to the unmet need they are addressing generally fare much better because they are emotionally connected to their endeavor, and that drives them to succeed (eg. Season 3 winner, Ruben Studdard).
The winners do not necessarily have the best careers. Remember that simply because you didn’t receive the funding or support you wanted as quickly as others around you doesn’t mean that you are not going to succeed. Far from it. Look at Adam Lambert, the season eight runner-up who has gone on to a great career of his own. There is also Chris Daughtry who finished fourth in season 5 and has had five billboard #1 hits. Use the experience and feedback from every pitch to modify or improve your message and to strengthen your focus and resolve.
Some runner-ups go on to succeed in different careers. I view American Idol as an incubator of talent. It provides the participants with exposure and coaching that accelerate their development and maturity in a few short weeks. During that incubation period, some of these artists may realize that a career shift is best. A great example is season three participant Jennifer Hudson, who finished seventh, far behind winner Ruben Studdard. Miss Hudson pivoted her career towards acting where she went on to win an Academy and a Golden Globe award. Entrepeneurs must also stay very positive about the feedback they receive during the growth of their company, and remain on the lookout for a need to adapt and to modify, or what Eric Ries and Steve Blank refer to as pivot, their original business model or assumptions towards a new solution that will ultimately lead them to success.
