Sunday, January 9
4 smart strategies for 2005
From Entrepreneur Magazine, Dec. 2004:
1. Tap the countertrend. For every trend, there's a potentially lucrative countertrend waiting to be noticed.
2. Eat off the big guys' plate. Trend agency Trendwatching.com coined the term "feeder business" for companies that feed off giants like Amazon or eBay.
3. Switch the niche. Take a tried-and-true product or service meant for one market, tailor it to a different market, and marvel at why you didn't think of it before.
4. Borrow a business model. Charging members a set monthly fee to borrow an unlimited number of DVDs by mail worked for Netflix. No wonder smart entrepreneurs have since "borrowed" Netflix's business model to use in other industries. Is there a smart concept you could borrow?
Read more here
1. Tap the countertrend. For every trend, there's a potentially lucrative countertrend waiting to be noticed.
2. Eat off the big guys' plate. Trend agency Trendwatching.com coined the term "feeder business" for companies that feed off giants like Amazon or eBay.
3. Switch the niche. Take a tried-and-true product or service meant for one market, tailor it to a different market, and marvel at why you didn't think of it before.
4. Borrow a business model. Charging members a set monthly fee to borrow an unlimited number of DVDs by mail worked for Netflix. No wonder smart entrepreneurs have since "borrowed" Netflix's business model to use in other industries. Is there a smart concept you could borrow?
Read more here
