Smart Business Concept
I’ve got to tell you a story about entrepreneurs and good business ideas. A few weeks back I visited see a possible consumer that wished to be variety one in the world in the blank trade using the web. There were 4 executives in the space and one of them was snoozing off during the meeting. He said the web was a downside for the younger executives to decide.
They’d been in business for over 15 years and had a very nice import or export operation. Sadly the business model was designed for the previous economy. They were seeing their earnings deplete fast and may not determine what to do regarding it. Somehow, they thought “social media” was the solution to any or all their problems and figured that by getting into the “social media” bandwagon, all their troubles would go away.
Hold on I said. Why would you would like to compete against mega blank company? They need over 10 years prior you. They dominate the net traffic for your (blank) product. You will never be able to compete against them, unless after all, you buy them out. They need positions one through 10 on page one among Google pretty much covered. I instructed then, we tend to ought to do a niche analysis and re-direct the company aggressively towards smaller niches. Then and only then, we have a tendency to ought to attack the social media channels.
The concept was for the company to control these micro-niches in no time. The move would had reduced price massively and increased profits by dominating niches the massive-boys had missed. Rather than going head-on and challenge the large boys, they could seize this unbelievable opportunity before somebody else figured it out…they never known as back again. Last time I checked, they were still struggling with their Social Media project.
Being a successful netpreneur may be a lot additional than simply having smart business ideas. There’s a lot of money to be created on the net, however not on speculative, na?ve or risky business ideas. The people who are creating a killing within the net are those that dominate micro-niches. They understand their target market better than their target market understands itself. “Huge-itis” is an entrepreneur’s recipe for failure. During this new economy, the riches is during the niches.
This means that if you are an entrepreneur, you higher begin thinking the way to position your business in this new economy by dominating smaller niches, not just thinking of good business ideas. The old days where you could be everything to everybody are long gone.
Why believe me? It took me over seven years to perceive the internet game. I have a one hundred% virtual business that at just the once was a brick-and-mortar. I additionally have over 20 sites that currently are on page one of Google. Therefore as you can see, I’ve got been “around the block” a few times. If you want your business to reach this new business surroundings, you must begin by wondering good business concepts in profitable niches. If you get this right, everything else can fall into place.