What do you feel is most relevant for emerging businesses to know and understand in their first few years of business with all of the disruptive factors in today's economy? It seems as though there are many businesses that emerge on the forefront then dissolve far too quickly because of a missing factor and in today's world, we are seeing many large businesses that are no longer sustainable.
One missing factor that often isn't included is the aspect of a sustainable plan that not only addresses sound principles but also includes how you can create your business so that you can love it past the initial excitement and passion that is often the impetus to take the leap to create a new business in the first place. When the excitement wanes and unforeseen problems arise will you have a clear purpose established that can remind you why you are doing this in the first place? Something bigger than you to focus on that supplies a certain level of 'sanity' because you are clear that this is the way you intend to contribute your gifts to your world.
Disruptive factors for any business can be small, causing tweaks to improve the marketability of the product or service, or large, such as competition with readily increasing market share.
Several things are relevant for an emerging business: know your market, know your customer, know your competitors, and know what your next product is going to be in case the first one peaks early and suffers a rapid decline in sales.
One of the most acute problems with emerging businesses is timing. You can be too early to market where market acceptance is just too difficult to overcome. Many products and some services have suffered from this situation, and are unable to survive without another product more precisely timed with the market needs and demands.
It has been experienced that sustainability of a particular business absolutely require to adopt proper business plan and adequate market planning considering location of business where to continue whether the product is marketable there or not. Again it is required to maintain quality of product always good and reasonable rate should be charged so customer shall accept popularly and material should be easily available to the customer. Always Company should take care about popularity of brand name with standard good, so that when you will start a new company at that time customer shall easily accept that product in brand name so business shall sustain for long period in same name or new name in same place or in new place.
A disruptive innovation is an innovation that creates a new market and value network and eventually disrupts an existing market and value network, displacing established market leaders and alliances.
The term was defined and phenomenon analyzed by Clayton M. Christensen beginning in 1995. More recent sources also include "signiﬁcant societal impact" as an aspect of disruptive innovation.
A industry become disrupted due to by non-traditional competitors and direct competitors when they do not understand whether their product is relevant or not and their product is acceptable to customer as per business model specification or not and on the other hand they should adopt effective strategies for sustainability of business through choice of customer and need of market.
Two basics of business ideas -
- Find an idea and make it a need for users.
- Find a need and create a solution around.
Whatever you do rotates around these two. The business those die early death is sometimes because of poor planning, bad execution or wrong timing.
Whatever you do don't get emotional with your venture. May be this failed venture is a foundation venture for next big thing.