Niche marketing and innovation are two very relevant terms in today's world. "Micro Enterprise" is another current word in our vernacular. Micro Financing and cash flow are major forces in today's world of the small businessman. So too, is a well written business plan.
Over the course of 20+- years I have assisted many Folks whom I would call "preliterate" and "preagrarian" people who had emmigrated from South China by way of Laos and into the United States. They have by-in-large all been highly successful entreprenuers in the United States and over this period of time become wealthy.
while wealth is a relevant, none can argue with the development of individual and small family protfolios of in excess of $5,000,000.00 is this period of time.
The awesome thing is that one person can do what a "Bill Gates" or a "Steven Jobs" did in the past.
This does still occur in high technology events as well as low tech.
Innovate, Innovate, Innovate. And think, "Niche, Niche, Niche!" That means a narrow space that no one else is there but you. It is called a monopoly if you own the marketplace of a winning product.
The "product life-cycle" is also alive and well. This is a simple, but well proven graf of almost everything. there are four basic parts to this. The first part is called the (Oh, Yes) the innovator. In this section you are the captain of this industry. And "baby" you own it! as you control the pricing structure of this and the channels of distribution, etal. the second part is the "Me tooers this is where the copy-cats come in and say I want a piece of this good thing you've got going. Then the third part is the "maturity stage. of the product. This is where you want to find an innovation off of the product itself as the popularity or market saturation is there and prices have been reduced because everyone wants into the business. Of course then the final stage would be the decline and end of the product and its cycle.
In the "burger business" you can readily observe a microcosm of the "life-cycle" when you observe the sales of the various hamburger products. the "chains" will follow these curves and then create an innovation in their own product line to do a growth "take-off" from one product before it goes into decline. ie, two double cheeses and a pile of mushrooms to differenciate their burger from another burger.
You get the point: "My burger 'ain't' the same "'ol plain Jane!" anymore. It is newer and better!"
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