However, you can be the best at your thing.įind your selected niche target market and set out to be the monopoly in that target market.įrom there, look to keep growing and monopolizing other markets.

The point is, you can’t be the best at everything initially. From there they kept expanding into the company that will probably own the entire planet some day. Once they had the book market covered, they expanded into CDs and DVDs. Take Amazon for instance, they focused solely on book sales initially. The reason is, that these monster companies don’t just start off as monster companies, and neither should you. I have met people before who are starting their business and they’ll make a claim that they have seen a gap in the market and creating the next Amazon, Air B&B, Netflix, or Uber.ĭo you know how many of these people became the next Uber or Amazon? I’m starting this lesson with a personal story. Lesson Three: Building a successful and profitable company is achieved slowly Using Google for an example, if a competitor was to try and take over the search engine industry, they’ll have to innovate and find a better method than what Google currently has. This is why the existence of monopolies drive forward innovation. If someone wants to try and do something like Google but not as good, why should they have an even market share? You have a market share where you can set the standard for pricing, along with greater buying power.Īnd, let’s be honest. In fact, being a monopoly on a market is a sure fire way to solidify future growth. While Google’s monopoly isn’t great for competitors, it is great for the general public who use Google, along with the company itself. Google, for example, has a monopoly of the search engine industry – sorry to the three people who access this site using Bing. If a business is so good at something that nobody else can copy their results, that isn’t a bad thing for society.

However, a monopoly isn’t always a bad thing… Most of the time, a business has just found a way to be more effective than their opposition. When most people think of the term ‘monopoly’, they think of a massive and evil company squeezing the weaker opposition. Lesson One: Monopolies are actually good for innovation

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