It is not
rocket science to hit it out in business; rather it’s a couple of small little
things that tip the balance in favor of that one individual, it all
boils down to one thing –be the first in the market
Let’s start with being first in the
market. Being the first nets an untapped
market. This will make you an automatic market leader when competition arrives.
Turn your creative ideas into business.
Innovate. Think about products that are not out there and try to make it
commercially available. Coming first makes you an original, which consumers
look forward to, aside from the price.
Establish defensible ground: being first gives the business what we call “defensible ground “in
military terms, it captures market share much more easily without having to
worry about rivals.
Build brand loyalty: When competitors come along — as they inevitably will — the first-mover
will have advantages in the ensuing rivalry such as brand loyalty.
By
beating rivals into the market, the first-mover can consolidate its position
and compete more effectively, not only defending its previously acquired share
but even continuing to expand.
Take advantage of hard economic times: When written in Chinese, the word “crisis” is composed of two
characters. One stands for danger and the other opportunity.
A sit shall be told by many
billionaires, they made their biggest fortunes in troubled economic times. The
reality is that there are many business ideas than ever for the average Tom,
Dick and Harry who is willing to open his mind to numerous opportunities for wealth creation.
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