The more narrowly you can define your customer, the easier it will be to understand his or her needs and deliver relative value. If you offer enough value, you can charge a high enough price to cover your associated costs. In other words, narrow is lucrative when it comes to business.
About Per Bylund
This author has yet to write their bio.Meanwhile lets just say that we are proud Per Bylund contributed a whooping 9 entries.
Entries by Per Bylund
Advances like Amazon Go and attendant-free gas stations help both sides of the buying equation. Society as a whole enjoys increased output from workers who are in more productive positions, and those workers earn better wages in more relevant roles. Everyone wins.
Inventive combinations of software and hardware improve everything from grocery shopping to restaurant operations. Software might be essential to these changes, but it’s ultimately the real-world consequences that change consumer behavior, and thereby create new markets.
Each innovation increases our labor productivity, meaning we can do more work more efficiently, reaching our desired standard of living along the way. For entrepreneurs, the latest wave of automation presents new opportunities to disrupt the economy and create a brighter future for everyone.
Entrepreneurs expect to make mistakes. But what they don’t want to do is damn their companies by making two fatal errors at the beginning of the journey. Those blunders fall into the categories of selective hearing and impulsivity.
Certainly, founders are pivotal people at startups. As their companies grow, however, their importance to the enterprise dwindles. Some entrepreneurs see their companies through for decades; others don’t. Ensure that your founder’s exit — should that event occur — doesn’t take the company along with it.
To beat the Amazons and Starbucks of the world, we need to come up with our own ways to disrupt static industries, regardless of our business. Here are some of those first steps.
Entrepreneurial small businesses won’t wait 10 or 20 years to see how the trade wars shake out. They will act now, relying on all their innovative wit to navigate an increasingly treacherous economic landscape.
Entrepreneurs will find ways to disrupt every industry — it’s simply a matter of time. The lingering question is whether organizations will embrace the evolution or fight tooth and nail to avoid change. Disruption might be an inevitability, but industries that stubbornly stick to the old way of doing things are only making the process more painful.
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