This just reminds me of my days of probability theorems in school. A coin is tossed once (I think it used to be better said, ‘a fair coin is tossed once). Anyway, moving from there, the outcome will either be head or tail to decide your fate. *
I am trying to arrive somewhere. Running or setting up a business can be more like toasting a fair coin. What’s the probability of making it in that business? Of course it could be very much expanciating to look into. Success in a business is one thing, long term success is another.
If it is easy, then anyone can do it. Or maybe I should also add ‘anything’ because we are already seeing how artificial intelligence is competing in the world of computing. It could be seen more like data overhaul.
Some businesses are so easy to set up; I mean, you could just get the required things in a couple of days to a week and kick off and you instantly find a customer base to run with. This is where the software related (or mostly online businesses fall into). For instance, I can create social media handles right now and start creating content.
I know this one might have some ups and downs in-between as pertaining to how I am going to create my crowd which will take some time. And well, it is already something to also add to the disadvantage list; easily created, easy to compete against.
Looking further into another familiar sector, we can talk about easily highlighted business models like the POS (point of sales) business that has become very rampant. The last five to six years has seen a profiting industry declining (for individual POS operators). I will be making an article to cover I depth analysis.
The take home for now is this; this form of is easily replicated and even a road side POS vendor post a big threat to big players. Tracing back to the hard industry, I once told my business partner: the industry we are operating from is a hard one; this is our disadvantage and also our advantage. It is left for us to decide which we want to give in our fate.
Setting up a business that goes beyond depending on software entirely is a different ball game. You will need structures, systems, processes. To start with, we all know the difficulty of working with humans ans we are talking of setting it up to employ enough to get things done right.
Here, your major concern shifts from who are my competitors to what capacity do I have to set up my business to the needed standard. So the market is already waiting for you to profit only if you can mount up.
I can tell you from the little experience currently available, this is not an easy task. Structural capital, human capital and intellectual capital will play a huge role here. Adding to that, be willing to exercise patience and build slowly.
To conclude, let me add, there are opportunities. Oil and gas is one of such but not everyone owns a refinery or a filling station. The sea logistics business is another one but not everyone owns a ship. If you are planning to build, make sure it will be something lasting with systems and structures that can't be easily replicated.
A good entrepreneur knows if everyone or most precisely many people can do it then it is just a matter of time before the entire market closes up. The future of a good business is focused on what it will yield both now and then. Being eye-catching or trending is not a long term guarantee.