Create new markets and possibilities

Always look to address untapped markets. Also, don’t believe competition in your market is inherently bad. When competition brings awareness to the importance of your market, you may lose market share, but the pie grows in size.

Competition can be good, but strive to create blue oceans – new markets completely – and you’ll enjoy high margins.

Examples:

1. Google owns vast majority of search engine market.

2. Amazon owns 90% of e-book market.

In both of these cases, these companies were fastest to grow to meet the demand of the new market and thus established themselves as a dominating force.