Limited understanding of how business works will cost you so much in the end; Let’s say you start a business selling tomatoes but you realize people don’t buy tomatoes at night so besides your stall you create a bar in the evening because your friend wants to drink in the evening but has no place to sit. Now your family member says,: “ I wish you had airtime, you know people buy it all the time”. So you start selling airtime. Let’s be fair you think you are being innovative. If you are one of those people please stop and here is why;
“A company that is unable to strategize its way out of a current challenging game will not necessarily excel at a different one-not without a thoughtful approach to building strategy in both industries” says Lafely and Martin in their book, Playing to win: How strategy really works. Increasing your portfolio only adds complexity.
Focus on winning and in the face of adversity have a plan. Remember you cannot be all things to all people all the time.
Find a suitable set of customers to serve, in a particular geographical area, know when to get in or out of the market and concentrate on a set of needs you can best solve at a profit.
Side note: Innovators(people who will are enthusiastic about your product are approximately two percent of your market or niche,start with those.
Credit: Sudesh Kaka.