If you ever thought of seeing your name at the front page of the Forbes Magazine or on Bloomberg list of the richest people, with enough money in your bank account and in asset, maybe you have always hoped it in your heart to build a company that everyone can’t do without in a day, then you need to read this post.
I guess you are comfortable already since you see that there is a person who is willing to share how to run your business without having competitions around but the truth is you will have them but in other to make more money, you have to stay as a monopoly in the business/industry. If you plan to beat your competitor with quality, then you will be shocked at how impressive your competitor will outshine you with quantity and better price.
Becoming a monopoly in your business
The reason why you have been dealing with competitions is because you have been thinking horizontally at the same level with your competitors. If you are into car production, creating the fastest car is not a vertical thinking as competitions can do this immediately. The reason Tesla has been able to hold its stand in the automobile industry is because of innovative thinking which is a result of vertical thinking. Google remains the giant in the search engine worldwide with 85% of the total market in its hand (good enough for monopoly) but how do search engines like Bing, Duckduckgo, and others not get that share. Apart from being a giant in the advertising world, Google has positioned itself in the advertising and IT business gives them an edge over other search engine. Also, Google being able to innovate and create new fun search methods for consumers have placed them at the top.
How to survive as a monopoly
People have loved innovations from inception and good innovations with the opportunity to make money of it has kept investors pumping money into innovating business which gives innovative companies the edge but becoming a monopoly doesn’t mean the company will remain a monopoly. IBM was the original monopoly in the IT business but as tide turn and innovations kept occurring, Microsoft took over with private PC, now the monopolistic power was lost from Microsoft to Google when the mobile operating system came to be and the world prefer to own an android phone to a personal computer. If a monopoly do not innovate, it will be displaced real fast by competitors who are willing to innovate.
There is opportunity to innovate in every business and this innovation comes by solving a problem for people. Create an innovation your competitor cannot copy for a very long period of time, also the innovation should go along with the growth of the company, the innovation should be able to satisfy the need of a network of people has humans are a network of one another. One person know another who knows another. In other to remain at the top, you need advertising, marketing and sales as a lot of competitors will be trying to get your customers to themselves, so you need to make your customers know that they need all the time to satisfy their needs.