Business

early adoption

Early Adoption versus Late Adoption

May 3, 2018 // 0 Comments

Early adoption in any domain comes with considerable risks. A regular person, with no training in that domain, can risk going through tons of complicated, rough, unfinished, buggy, barely explained processes not being understood by peers wasting time betting on the wrong horse losing money Early adoption also comes with important benefits, if the risks have been avoided or surpassed. The early adopter gets a comprehensive understanding of the sector and the business he or she joins has the chance to know, meet and form relationships with the future movers and shakers on an industry, before they are untouchable can become one of the central figures of the respective industry can grow businesses to pass the test of time and become references for the future can earn impressive amounts of money Late adoption benefits of an entire history of trials and errors in initial versions of a product, plus the experience of other people joining in the early stages, so it bares a low risk. A late adopter doesn’t give up the comfort of using an easy-to-use, stable and well-tested product needs confirmation of countless other successful products of the same line needs an authority to appear to control things has the mindset of a consumer, not of an investor Ladies—and not only them probably—like gold jewels. But of course they don’t dig out the gold or make their own jewels (and I doubt they’d like that either!). It’s way past that stage, any way. They buy them from stores now. But someone owns the store for generations, and another person owns the gold mine. They make the profit, because they were there when the gold rush began or were smart enough to start or catch a change in the trend. In the early 2000, IT companies boomed. But what […]

opportunity preparation taking action keep learning

Opportunity. Preparation. Taking Action.

December 8, 2017 // 2 Comments

Today I’d like to talk about a process that we often treat lightly and that costs us. The ideal process starts with identifying an opportunity, continues to a preparation or planning phase and then we must take action to make it happen. You will see we often skip steps or stall during any of these stages. Being aware of our mistakes is the first step to cease making them. Then, as always, with practice we can improve our results. Identifying the Opportunity Opportunities vary… a lot. By Importance I’ve read a person only has about 3 life-changing opportunities in their entire life. I’m not sure how accurate that number is, but we certainly have a few, no more. Taking these opportunities or missing them will have an immense impact on our future. By contrast, we have many opportunities that don’t have the power, by themselves, to change our lives. Compounded together and over time, they can also exert a high influence on our trajectory in life. In Relation to Time They can be time constrained. That’s when an opportunity window presents itself for a limited time and you have to act until the counter runs out or the opportunity window passes. They can be without time pressure. One of the world’s top investors, Warren Buffett, is well-known for tracking down undervalued companies that are not in the spotlight. He seeks and finds opportunities and it may take time before they are revealed as true jewels. Since these companies are rarely targeted by other investors, he can take as much time as he wants and needs to accomplish his goals. By How It Is Revealed to You Some opportunities almost hit you in the face, but in certain situations you see a potential opportunity and need to dig out more information […]

coins

Add More Value Or Adjust Prices?

August 19, 2017 // 0 Comments

I’ve seen a little debate about the best course of action to take when the industry a business operates in is in a tough spot: add more value or adjust prices? This is not a new debate, of course, and both sides have good arguments. On one side, if you add more value, you improve your product, your competitiveness and have a long-term approach. But you must afford to go through a longer period of time with limited sales, if the whole industry sinks. If you can do that, in the end you’ll surface toughened. On the other side, if you want to sell more when others don’t, especially if you have cash flow issues, you need to go with the market to survive the short term shock waves. But on the long term, without adding more value or tapping into new markets, any business or business model is doomed. Supporters of adding more value without adjusting prices say by lowering the prices you diminish the perceived value of the product or service, plus it will be much more difficult to raise the prices to previous levels, once the crisis is over. This may be true, but it’s also irrelevant if you fight to stay in business for the next few weeks or months. When prices readjust throughout an entire industry, it may be a great opportunity even for a solid business to reevaluate their own prices and the sales they made with each product or service. This is also a chance for limited offers and temporary price discounts (like a summer discount I have for banners on Adrian’s Hub). It is also a great time to push hard for adding something of value to your business, and some do take such opportunities. I will also release my new add-on […]

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