A business idea as simple as selling clothing items in a retail shop can help you make good revenues and profits. But, look around and you will notice that the most successful entrepreneurs are those that are leaders in their own respective fields, and that is only is the case when they are based on a unique business model and idea. Let’s face it, no one can beat Google owners Larry Page and Sergey Brin in online search engines, Bill Gates in operating systems, or Mark Zuckerberg in social media websites.
Their individual business models have been utilized and taken advantage of. The key to unlocking your entrepreneurship potential is to create your own individual business model and idea that fulfills a market gap and brings something new to make it truly unique and differentiated.
If you are keen on starting your own successful business someday, the worst approach you can do take is to copy the same business approach of others and fail to invent something new. Imitating an idea might seem easier and less risky; you get to try an already tested concept and business model that helps plough substantial revenue. However, since you won’t have a first mover advantage, you will fail to win customers at the exclusion of market leaders and may require considerably higher start-up costs to survive and grow in an already competitive market.
On the other hand, inventing something entirely new might will take a lot of effort and creativity; you will be building a business model from scratch without any tangible evidence of its feasibility. The benefit of this is that you get to dictate the rules of the competition and, if you pull it off effectively, you are able to obtain a first-mover competitive advantage.
Apple’s entry into the smartphone industry with its iPhone illustrates this best. By bringing something unique and untested into the market, it was able to lead the market and achieve colossal success.
The real question is how do you think of a business idea without copying others? The answer to this is your mind; your intellect has the ability to creatively rewrite the rules of business to develop a distinctive business idea and model. Here are a few tips on how to become an ideal machine.
1. Review business models: studying different types of business models will give you fresh perspective on how owners have tapped into unidentified or unmet market needs and utilized their resources to make revenue streams.
2. Write 10 business ideas every day: your mind is like any muscle in your body. Try to come up with 10 business ideas every day. Over time, you will be able to mature in your thinking and business approach and distinguish good business ideas from bad ones.
3. Be creative in differentiating your business: Creativity is essential in coming up with unique business ideas. Practice turning a very simple business idea into a unique one with distinct business model structures and arrangements.
4. Invest in business books: books on successful business leaders and companies can provide good insights into the practical aspects and challenges of converting a business concept on paper to a tangible reality.
5. Anticipate the future: Good business ideas take account of the current business landscape. You need to anticipate how customer buying habits and needs will change in the near future and ensure you have a business that can tap into those needs first.
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