Sunday, September 22, 2013

How entrepreneurs identify great business ideas

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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