Do you want to be a monopoly?

I know, you will think this is tough. Of course, it is tough, otherwise everyone will be a monopoly. You will say it is illegal. Of course, it is. But if you can conquer a specific market that loves your brand, then essentially you have a “monopoly” over that market.

You have to be very specific about the market that you want.  Then make them love your brand. Start with your niche. All the other generic sections are over competitive and prices are at parity. There is no money to make there.

Does it always have to be a big market?

How long will it be for sale?

Perhaps you should consider what product you can sell for a long time to come. Spending more time thinking what will consistently sell over a long period of time may actually yield you more profits than a one-off product that is in trend now.

There will always be that product people will consistently use. Your job when you have decided on that is to figure out how you can stand out. Look for your own spin on that so it differentiates you from the rest. Then consistently remind people of your presence and what you can do for them.

Are you an evergreen?

Do you know how to think?

Thinking for yourself is the best thing you can do for your business. Don’t depend on formulas. There are no silver bullets. Look for principles and learn how to apply those principles. Learn to distinguish between principles and formulas. Then dedicate time to apply and experiment with the principles till they work for your company.

Where is the holy grail? 

What if I don’t have the budget?

Start small. Doing business is a marathon. Just in case you need the reminder.

If you don’t have the budget for brand building, start with your niche. Aim to be number one in that niche. Then move on to target a bigger segment. Look for new customers in a broader base. Then keep enlarging your customer base. Amazon started with books. Then CDs, then became the 27-year overnight success you know now.

Is there a way you can fly from the first year?

What are the short-term objectives?

When planning your marketing objectives, you need to be clear on your long- and short-term objectives. Each effect is different and can affect each other. If your strategies are too geared towards short term objectives, it would reduce the effectiveness of your long-term objectives. It’s true the other way around. If you focus too much on your long-term objectives, your short-term objectives would be affected too. To have a rewarding business at the end, you need a good balance of both. Learning to combine both is a skill you need to learn and develop.

What are your long-term objectives?

Do you want to pay the fee?

Whether professional or personal, maturity takes a lot of years to learn. The good news is that it is never too late to enjoy the new found freedom from the shackles of misconception.

As you mature, you experience a lot less pain from the lessons of myopia.

One way of not learning things the tough way is to learn from other people’s mistakes. After all, someone has paid the fees, you can learn the lessons for free. Loosen the chains of dogmatic views and free yourself from suffering.

But even knowing this, there will be those who prefer to learn from their own mistakes.

The fallacy is that they believe they won’t have the same predicament and that it doesn’t apply to them.

You already know this. But worth repeating.

How did you learn your lesson?

Did you ask for permission?

People request for opinions for many reasons. Sometimes they need guidance, yet other times they are confused and need clarity. But sometimes, they ask with a hidden agenda. Perhaps they need your endorsement to do something but are too afraid to ask directly. There are also those who ask because they do not have the confidence in their own answer.

Is it affirmation you are seeking?