Earlier this week we looked for inspiration in the self driving car and the deep rooted “why” that drives you and your business.
We also touched base on a company that provides rhinestones and accessories for Crocs (the ugly clog shoes with holes in them).
You shared your thoughts in the comments about building a feeder business that hangs on the broad shoulders of an established business or product.
Many of you seem to prefer creating your own products and services. You want to establish a name for yourselves without reliance on or association with a big name corporation (or trendy product).
These are choices for you to make and there’s no right or wrong decision. They’re just your chosen business strategies.
Business opportunity knocks
When I step back and look at all the business opportunity it’s overwhelming. There will always be the “next big thing” released into the market.
How will you react to the next big thing? How will I?
Will you compete with it, accessorize it, or be a trail blazer creating your own unique offering instead? Whatever you choose just stand by your business ideas until you see some reward or sure signs to exit.
In an era where new becomes old in a matter of weeks, it’s easy to become distracted. Fight the distraction. The market needs you to pick your strategy and run at the opportunities.
Your business strategy
Creating your own products or services rewards you with all the glory for your accomplishments. It also involves the most work.
Feeding off an existing product ecosystem reduces some of the market research and worries of viability. But you’ll find yourself at the mercy of the health of the ecosystem you’ve plugged into.
Regardless of your strategy, offer value first and put your own special and unique twist on your offering. Your target audience awaits.