MANY say old habits die hard. Bad habits die even harder. And among an entrepreneur’s habits, the worst is clinging to the notion of “business as usual.” Nothing so mangles, so restricts success than a business venture barely able to keep up with the times.
The world of big-time commerce has changed from what it was 20 years ago. Everything has changed, in fact: consumer habits; purchasing power; the value of the legal tender; protocols in business, even entrepreneurial character.
The frequency of the change in the costs of products tells us that what we can afford two decades ago may not fit our budget today. Or maybe it can fit, but with a catch: the product’s quality is not what it used to be. We see this in many fast-food products, the size and taste of which hardly match the company’s claims in its advertisements.
This puts the entrepreneur in a serious quandary: How can he or she convince his or her target market to purchase his or her product at a higher price without losing its quality?
To remain competitive, the 21st-century entrepreneur must go back to the basic principles of trade and commerce: product development. Here, we are not simply talking of any product, but one that fits the needs of the times.
One such product is the source of power. With the way the prices of electricity are skyrocketing, a serious entrepreneur would do well to rise above the occasion. The Philippines remains as one of the countries burdened by obscene electricity costs. Needless to say, the need for alternative sources of energy is already there.
As the key sources of fossil fuel thin out, businesses must secure stable sources of energy, not only to power their own plants, but also to engage in a useful and productive enterprise. Solar cells and other renewable-power sources may just do the trick.
The way entrepreneurs look at technology must also change. The idea that technology can be utilized for product development must level up to also mean “market possibilities.”
Social media, for example, is taking the world by storm. Consider the statistics provided by Digital 2wist Inc.: “[1] The fastest-growing demographic on Twitter is the 55 to 64 age bracket; [2] this demographic has grown 79 percent since 2012; [3] the 45 to 54 year age bracket is the fastest-growing demographic on both Facebook and Google+; [4] for Facebook, this group has jumped 46 percent [and] for Google+, 56 percent.”
To market your product using social media (an example is “marketer blogging”) can do wonders for your business. Of course, there is the challenge of online-content production. But then again, knowing your client demographic is a good five steps ahead of the race to become No. 1.
Image credits: Jimbo Albano