Opportunities in This Economy
There have never been so many opportunities in this economy for ambitious individuals to start and build a successful business than there is today despite the pandemic.
Individuals like you, with dreams and hopes, are starting new businesses today at a faster rate than ever before. Over one million new enterprises are being launched every year,
and the rate is accelerating. The opportunities for finding or developing a new business idea are all around you, and with proper preparation, the possibilities for your success are enormous.
As many as eighty percent of all the products and services in common use today at home, in business and in organizations large and small, will be obsolete in five years. They will be replaced by new and better products and services. The rapid development of new technology and the desire of people for new or better or cheaper products or services, means that you can start your fortune easier today than at any other time in history.
However, we know that eighty to ninety percent of new businesses fail in the first three years due to a variety of factors. One of those factors is managerial incompetence. It is an inability to sell the product or an inability to control costs or both. Another major reason for failure is offering the wrong product at the wrong price to the wrong market at the wrong time, or a combination of these. In which case, even the best marketing efforts and cost controls will not help you.
The first principle with regard to selecting any new product or service is to determine that it fills a genuine, existing need, it solves a problem of some kind for the customer, or it makes the life or work of the customer better in some way. You must be very clear about this.
The second principle for success with a new product or service is it must be of good quality at a fair price. And if it is in competition with other similar products or services, it must have what is called a unique selling proposition. It must have some beneficial feature or attraction that makes it different from and superior to its competitors.
I call this its area of uniqueness. And it is central to success in business. No product or service can succeed unless it is somehow unique and superior to any other product or service like it. There is seldom any real opportunity for a product that is just the same as all the others. At the same time, the safest business strategy is to start off with an accepted product that you can improve on. In other words, instead of trying to invent a whole new business or industry, start off with something that people are already doing, people are already buying and using, and find some way to improve it.
Determine exactly what is different and special about your product or service that will cause people to buy it in competition with similar products or services. Build your entire sales and marketing around this unique selling proposition.
“Remember, Success is Always Within Reach”