Thoughts on starting a new business. Part 1

Seize the Opportunity 


Everyone dreams of starting his or her own business some day. To be the boss and have more or complete control over our own financial future certainly appeals to many of us.

But like everything else, starting up your own business can very daunting by its very nature. Add to that the prospect of entering a market which already has well established competiton in it and the initial level of hope is cut down by half. Being that this is the year 2014, you can also pretty much rest assured that there isn’t any market left that hasn’t already been explored, expanded into, or exploited by someone else.

The key is, however, to come to the realization that there is always room for improvement. Regardless of whether your competition is Apple, Microsoft, BP, Tata or Tom’s hardware down the block. There is always a seat at the table when the general public is invovled.

Customers want variety and brand loyalty is never permanent. To drive this point home let’s look at an example that many of us can relate to. We either know someone who fits this category or are ourselves in it. A few years ago there was nothing better than a Sony electronic appliance on the surface of this earth it seemed. Sony’s Walkman and CDMan (If that’s indeed what it was called!?) were the stuff of legend. But look what is happening today. Customers who were once loyal to the Japanese brand of Sony televisions for decades – like Samurais were to the Shogun – are now switching over to Korean brands like Samsung and LG in droves. The reason? They do not want to be tied-down by a single ecosystem of just one brand.

Likewise, more and more companies are outsourcing and utilizing third-party vendors for many aspects of their businesses to reduce cost and also for diversification purposes. Most large companies in the U.S. today have close to or well over a dozen software packages that are in use daily ranging from ERP, CRM, reporting modules, financial modules, payroll modules, commission modules, sales modules. Name a business function and there is an off-the-shelf module for it available!

It is the very basic nature of people, especially those in the management realm, to diversify and follow the mantra of never putting all their eggs in a single basket. It sounds great on paper but in reality diversification also often-times leads to problems stemming from mismanagement.

As frequently as new business are formed, they close down. The generally accepted statistic that only 1 in 10 businesses makes it past 10 years is very real and its effects can cause major issues to companies who rely on a business model that doesn’t adapt well to change.

Being in the unified business solutions business, this is essentially what keeps our company in business. Often times we get calls from customers who are working on systems designed by companies that are no longer in the business or from customers who need to migrate data over to a new platform because the vendor will no longer support their outdated piece of software.

Business landscapes change all the time with new emerging technologies. The internet revolutionized practically every business. If not in the operations realm then at least in the marketing one. Tablets have replaced PCs and smartphones are slowly but surely replacing landlines and even computers in many instances. This entire post was composed on an LG G3 via the WordPress app (more on that later) for instance.

So the first thought about starting up your own business is to always remember that there always have been and always will be opportunities out there for your business. The key is to be at the right place at the right time, be able to adapt with the changing times, or in some instances be able to hold on long enough for the right time to present itself. More on that in our next blog post here.

Comments and questions are always welcomed.