No entrepreneur ventures into any business without the goal of success in mind. Unfortunately, the faith of many entrepreneurs is usually limited to normal perspectives. The theme centers on profit margin, prevalent trends in the industry and of course loyal clientele that will keep bringing profits to the business. Unfortunately,
Everybody knows this
- One thing we need to understand here is that this is no longer the 90s when entrepreneurs experienced healthy competition across the board.
- Nowadays, competition is growing at an exponential rate in most industries.
- Consequently, the dangers of conforming and playing by the rules of the book become apparent when you realize that similar businesses are cropping up every day.
- Pick any industry today and you’ll find that this premise holds true.
In any case,
The Rules of the Game Keep on Changing
Again, the level of competition we’re experiencing in businesses today can be attributed to the fact that monopolies are also losing grip in their respective markets since consumer tastes and the complexity of the markets keep changing over time. Plus, business is not a brotherhood venture:
- Nowadays, it’s the norm for some businessmen to break the rules irrespective of law statutes that prohibit certain practices.
- For instance, Chinese products were initially loathed upon by local businesses for their counterfeits and imitations.
- However, having witnessed the decline of patriotism in many countries today, many businesses have in fact decided to collaborate with these Chinese manufacturers.
- Thus, counterfeits are nowadays referred to as ‘cheaper versions’, with a convenient caution to the consumer that the quality is not as good as that of the original product.
- And guess what, consumers have gone ahead and purchased these cheaper versions.
- This ties in to the disparities in income, sophisticated preferences by the consumers as well as the tough economic conditions that usually have uncanny and unprecedented peaks and declines.
Hang on in there
Many businesses have failed at their inception because of the unpredictability of job markets today. In fact, it’s become the norm to hear of business failure time and time again:
- Of course, there are those who ‘hang on in there’ even when negligible profits or costly losses become frequent.
- Their secret lies in the fact that they exploit season peaks to the maximum in order to counter any potential losses that might be incurred in coming months.
- Surprisingly enough, there are those businesses that survive economic huddles barely untouched.
An Enemy that Knows the Future Cannot Lose
The idea of always winning sounds like a near impossibility for most businesses today:
- However, this is the reality for key pioneers in their respective industries.
- They know very well that the only way to predict the future is to think beyond their present disposition.
- Innovation alone won’t work unless future possibilities are put on the table.
- Here’s the good news – no one knows EXACTLY what the future holds.
- And so this presents an unchartered territory for you to boost your business success.
- As long as you play your cards right, then the future is nothing to be afraid of.
How then does one turn their business into a Future Oriented Hub?
1. Invest in Concrete Research
The most respected firms in the world today never take research for granted. They know that the best outcomes are like diamonds. One has to really dig deep to sample market trends in order to exploit future diamonds that translate into exponential profits:
- Facebook and Twitter for instance have invested heavily in Ivy League social engineers who keep tabs on the behavioral trends that influence user engagements on their social media platforms.
- Their consistent popularity can be attributed to concrete research, as opposed to the blind faith that many social media start-ups usually have in CURRENT trends.
- Current trends don’t take long before they’re dominated left, right and center over and over again.
- Thus, concrete research is needed to own the future and thus extend your exclusive profit ’era’ before others catch up.
Speaking of which...
2. Familiarize Yourself with Patent Rules & Regulations
- I don’t need to remind you of the cut-throat competition we’re witnessing in various industries today. In fact, with the age of cyberspace and advanced technology, a patented product can be imitated as soon as it hits the market.
- Numerous companies have taken each other to court in this regard.
- Apple and Samsung are the usual culprits when it comes to ‘stealing’ concepts from each other.
- In fact, this ‘tit for tat’ gimmick is at times accepted as fair play just to avoid any costly and inconvenient court proceedings.After all, good lawyers don’t come cheap.
- Plus, patent rules are usually applied to your immediate jurisdiction.
- Therefore, you can’t tackle counterfeits halfway across the planet, unless of course you collaborate with various law firms, manufacturers and distributors worldwide.
- The bottom line is for you to familiarize yourself with the world of patents.
- And remember, no one said it would be easy
3. Re-strategize on your Business Framework
There is an order in which businesses carry out their affairs depending on where their priorities rest. Thus, when it comes to a future oriented business, the idea of conformity should be off the books:
- If you plan on using the same strategy, then rest assured that the returns won’t be as impressive as you anticipate.
- The idea is to avoid recurrent mistakes of other businesses and to adapt new concepts to counter these mistakes. For instance, if the challenge is funding, then you can implement some budgetary ‘austerity measures’ in some departments in order to find that extra funding.
- If some people are too expensive to hire, then you’ll have to cut down on labor in some departments so long as you get value for your money.
- In short, think different.
- To be respected as a future oriented business hub, then you’ll need to be a pioneer and pace setter in emerging business practices.
Ultimately, it goes without saying that competition will keep getting tough. Unfortunately, being tougher than your circumstances is an old trick in the book and you’ll certainly find a plateau of equal contenders. But there is hope for those who take a leap of faith into the future. As Edward Counsel once said, “if we could unfold the future, the present would be our greatest care.”