Uber, Airbnb, Skype, Alibaba, Facebook, Netflix, Apple, Google …. all changed the ‘game’ and are all well known for how they went about it. They changed the game by changing the rules pre existing businesses were playing by. They paid attention to how business was being conducted and how it could be conducted better or differently. Uber has no taxis, Airbnb has no accommodation, Skype has no telecommunications infrastructure, Alibaba owns no stock, Facebook writes no content, Netflix owns no cinemas, Apple creates no music nor Apps, Google writes no content.
What could Uber your business or your industry?
Further, how could you create an Uber effect or an uber type business?
Not considering the first question could be dangerous. Not considering the second question might be to miss a sizeable opportunity.
Consider the following questions and factors in answering both questions:
- Where is overcharging occurring, as perceived by consumers or government?
- Where is customer service is poor, as perceived by consumers?
- Where is the customer experience poor, as perceived by consumers?
- Where could traditional barriers to entry (e.g. high capital requirements, expertise, legislation, qualifications, infrastructure requirements) be overcome by left field thinking?
- Possible legislation changes that could affect the industry.
- Someone inside or close to your business who could leave to compete in a better way.
- New technology.
- New methodology.
- A possible player that is much bigger than your industry or business has had to deal with in the past.
- A new or better product.
- Someone (else) has a database they can use to disturb existing businesses.
- Someone (else) has broad/deep marketplace information they can use.
- Too long without change in the industry so that the ways businesses are run are actually traditional rather than effective.
- A comparator, who provides no product but could hurt you.
- A business that provides just one or two parts of what you currently provide, that would hurt you.
- Home delivery, do it yourself or comes to you.
- Product sourced from overseas.
- Resources from overseas.
- The internet, of course, and not just online selling, but any aspect that can threaten your business.
- Online supply and buying.
- Looking only for business improvement rather than game changers.
- You, thinking you can’t be Uber’d.
Any of the above factors could really hurt an existing business or give rise to a highly prosperous new one.
So, what are the lessons?
- Be open minded.
- Be proactive.
- Think a lot.
- Think left field.
- Engage other brains.
- Show some courage.
- Act !
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