Sunday, October 30, 2011

Business Concept 30 Oct 2011

Venture Capitalist, " Do you think you're smart enough to think something else that other people don't see it?"
Therefore, it is totally not easy to get new idea now. Even if you get new idea, there will be competition because people think it is profitable.
Main point is:
- not to find business with no competition
- but to focus on how to create competitive advantages & value-added services

Successful companies have at least 1 of this 5 things in common:
- added intrinsic value through product differentiation
- added perceived value through branding
- low costs or prices
- locking in customers by making it impractical to switch
- locking out competitors by monopolizing the market

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