Tuesday, May 22, 2012

Increased Opportunity vs Increased Competition! Entrepreneurial Implications


When it comes to online, independent, and small business entrepreneurs, the opportunities out there in many areas are very promising. There are rapidly growing online platforms, tools, professional programs, and educational resources that can be utilized for success, expansion, or just starting off in a new industry. There are also so many monthly improvements and increased utilization with smart phones, tablets, computers, improved internet speed, wifi, and more enabling a growing population of consumers worldwide. The only bad thing about being an entrepreneur now is that the competition has also risen steeply along with that growing opportunity.


Let's give some examples of this economic scenario playing out. It's easier than ever to start your own social network with current software, coding, and programs. However, it is also tougher than ever in my opinion because behemoths like Facebook, Google, LinkedIn, and Twitter are the gatekeepers with billions of dollars invested and a massive infrastructure. Creating a website or blog is easier than ever with a variety of templates, codes, and services...but now there are millions upon millions of sites out there to compete against for attention, search engine results, and content. Starting your own business is easier than ever these days with professional grade programs, technologies, and training but you are going up against millions of other entrepreneurs in your region and now worldwide! A simple example: I'm a YouTube Partner producing fitness videos. This provides a growing number of opportunities for contests, promotion, ad revenue, and sponsorship. However, now there are significantly more amateurs and professionals competing for these same opportunities! Consumers are hungry for more content, products, and services but it is harder than ever to make a name for yourself and stay relevant.


I'm not sure which is growing faster, the opportunity or the competition. All I know is that there are always pros and cons to any time period and economy, so make the most out of your opportunity and take advantage of every tool and resource at your disposal. Stay current, stay educated, save some money, re-invest in your business, and never get too comfortable thinking you are all set. Results will fluctuate but keep yourself focused on the big picture and overall trends. Do your best and be patient, remember that branding usually isn't overnight and it is difficult competing against million or billion dollar corporations. Good luck fellow entrepreneurs, work hard, and work smart!

Too much competition & work: Just Stay Cool!

Published By Michael J. Schiemer
Owner & Marketing Consultant
Extremely Epic Entrepreneur
Frugal Business Internet Marketing http://twitter.com/mikeschiemer http://youtube.com/resultsbusiness

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