Have you any great experiences with people who manufacture wedding mandaps within 3 to 4 months?
Does bigger equal better? Or does a small business have a more personal approach?
Hey @Jane Jones that is a great question. I actually mentor startups on this topic all the time. I can’t give everything away from my proprietary approach, but I will say that many entrepreneurs overestimate their large competitors and don’t consider their small competitors enough.
Big companies have scale, but that doesn’t mean everything they are doing is the best. This is why trying to copy what other companies are doing is an extremely bad idea. If you copy a bad idea on a small scale it can lead to you closing your business before you ever get it going.
Many people also don’t give small businesses enough credit either. To stay in business as a small venture you must have a loyal and hopefully passionate customer base. But again, it is harder for these ventures to pull off marketing and advertising efforts to match a big competitor.
Small size gives you agility. You also don’t have to worry about losing all your business by trying something different (big businesses usually avoid that type of risk). But remember, not all risk is bad if it is calculated.
One of the biggest temptations a budding venture must avoid falling prey to is complacency. Because if they are not careful they will switch from thinking agilely to the status quo of big corporations and they may lose their innovative edge as their business grows.
There are plenty of books and case studies that cover companies that made bad decisions and companies that have really excelled. As someone that consults as a Product Developer and Business Strategist I spend a lot of time looking into these issues and how to help my clients navigate accordingly.
This is a kind of 'how long is a piece of string' question and there are so many answers that could be given! Endless! However there are some really certain bets that can make.
1. Quantum computing and efficient solar batteries - a lot of bots - one of the things that has held back everyone having the kind of robots we see in science fiction movies has been the sheer size of computers and batteries needed to get a robot to walk and talk like us. This has meant that many have moved on to using apps instead. BUT, enter quantum computing and efficient solar powered batteries... and it all changes. Suddenly we can fit much faster computers on to smaller devices, and let the sun power them, and the reality of robots being everywhere is beginning to appear.
Let's face it, right now there are no quantum computers (however we've just had a major breakthrough in getting some happen in Japan - https://www.japantimes.co.jp/news/2017/09/24/natio... so it is quite possible that we will all be using (or rather interacting) with quantum computers in the next 10 years.
Till then... just keep your eyes on the apps. Apps like Siri (your virtual assistant on iPhone) are advancing at an incredible rate, so much so that we are unlikely to be using keyboards in 10 years, and so much more! Our world we be automated around us.
2. Big data - you can't have automation without data being collected about you. I currently have an app that sends me deals for good coffee wherever I go in Sydney. For that automation I am handing over data on where I go. Our lives will become less and less private (and open up many avenues for the less scrupulous to do bad things with - so there will be laws needed!). If you have any kind of head for numbers, you want to be in the business of playing with big data these days. It is at the very beginning of its potential and it will rule us all in very subtle ways.
3. Education - online and certainly not with text books - I doubt that Universities or Schools of any kind can keep up with the kinds of technological change that is currently going on in education, so there will be new organisations, or possibly adhoc collections of clever people that pop up to create the education of the next 10 years. This will be education in virtual classrooms with virtual workspaces - it will be hands on. Want to be a GP? Meet your virtual patient on the very first day of your very first class. No text book needed!
4. Virtual reality - world, yes including where you work - It won't be just education that transitions in to a virtual space, it will be workplaces, coaches, shops, everything! Think second life plus those virtual reality headsets. Only medical professionals will be exempt from this at first as you can't take a virtual blood test... yet.
5. Medicine - the Dr within you - yes that's right! Dr's are moving internal! They will eventually be in a kind of second life too, but the first improvements we see in the medical space will be so tiny you can only see them with an electron microsope, these are nanobots, or similar that will be injected in to each one of us to monitor our health but also simply clean out our arteries! Don't believe me? See the latest research here: https://www.nature.com/subjects/nanomedicine
There are so many more I could list, but these are certainly where the most money is going and where the most progress is being made right now. However feel free to have other ideas! I am sure there are many!
How can you find a competitive advantage as an accountant?
Hi, James. Here are three ways to set your brand apart from others.
1. Employ a customer-driven approach -- instead of a money-driven approach -- to all aspects of your business, including problem-solving. Understand that you're in business to enhance customers' lives in order for them to assist others. The money will come.
2. Know that an editorial team should intensify your product's visual appeal. Not worsen it.
A product may have all the features that your prospective customers desire. But, misspellings, poor grammar and punctuation accompanying its packaging, advertisements, websites and social media pages may cause customers to question what your company values. Does the company spend equal time developing all of its products' components? If not, will the product last?
3. Ensure your teams understand how and why they link. Encourage them to guide each other.
When I wrote for a syndicated radio show, a producer talked to me about a word I'd used in a script: abovementioned. My print media background had appeared at the wrong time.
He reminded me that I was writing for the ear, not the eyes. His advice sharpened my writing and logic. He kept the show's brand identity intact.
Abovementioned could have cost us listeners, radio stations and advertisers.
James, we hope this helps.
Can anyone share their thoughts on what types of businesses will be successful in the next 10 years?
As the next generation comes through to the management levels in business, we seem to be seeing a trend towards more businesses with attributes that appeal to the millennial generation. One of those is working on your own terms in small business rather than grinding out work for years for a large employer. I think the next big thing in the next five to ten years will be just that, a major shift away from big business and supporting small businesses which provide a personal service.
I know that the big US company Amazon is wanting to open up here in Aus. What impact will the opening of Amazon here have on my small retail business here in Australia? Does anyone know how Amazon...
As an eCommerce site Amazon is one of the best option fot retail business. Already many of the retail businesses based in UK,USA, Australia & Canada impacted with Amazon. Even the top most brands like Alanic Activewear, Nordstrom, Nike have already connected with Amazon.
For example- https://www.amazon.com/Alanic-Activewear-AW003A-V-Neck-X-Large/dp/B06XPKJ6JB/
You need to understand the demand & supply gap for the products that you have decided to invest in, apart from the other scenarios which you will consider. The ground rules mainly would be complying with the applicable statutory requirements and work within the limits applicable to the industry in which the investment has been made. You may have to deal with both micro and macro economic conditions applicable to the business.
What technology excites you the most about your business industry? Why? I'm interested in hearing the treads going on in multiple industries and what specifically has your attention.
Hey are you noticing an impact on your business since the election? Customers seem more on edge and not as happy. Just wondering if it's just me or business in general.