Don’t 0 to one, and here’s why
Don’t 0 to one, and here’s why
There are many different philosophies for starting and running a business. I am sure you’ve heard about terms like ‘0 to one’, ‘red ocean', and ‘blue ocean’.
As a product creator, I’ve created over 100 products over my career so far, and I’ve used them both several times.
I created an entire segment of low-priced Vedic astrology products in 1999 and then dominated that space for two decades before I moved on to a better niche.
In the 2010s, I created the first tool to optimize YouTube keywords, called Tuberank Jeet.
There were many others too which were the first or innovations that were never seen before. Some of them succeeded, a lot of them failed.
The simple reason is, whenever you go for the absolute ‘new’, you will be working to create a demand, not tap it. That’s not a good position to be in. You will need to figure out what people want, before they want it.
This strategy gives you spectacular successes, but has a very high failure rate. More often than not, your product will just fizzle out because there are not enough people who got it.
Of course, I’ve experienced this too.
I think a more bankable and easily profitable strategy is following the system that Japan created and then China adopted.
The philosophy of picking up a well-established, well-marketed product and then iterating improvements till you perfect it
You start off by being satisfied with having a small niche of the market—a small corner that the market leader is neglecting—but then keep on perfecting the product quality and marketing to eat more and more of the market.
Eventually, you could establish your own niche, be acquired or best… Win
This seems to be the far-eastern way of doing business, and it definitely is working. Toyota wasn’t the first car brand, but it overtook GM in volumes, and now ByD isn’t the first electric car brand, but it’s overtaken Tesla in volumes.
It’ll happen over and over. A new entrant will join the blue ocean and iterate their way to success.
So, in my own business, while I do look for category-creating products now and then, very often I just take what’s working and create my best version of it.
It’s kept me in a good standing over all these years.
The important thing is, you have to be lean enough to keep yourself in business all the years you spend growing slowly and perfecting your product set. If you can do that, you will survive and grow in any situation.
What do you think? What’s your favorite business strategy? Red or Blue Ocean? Let me know your reasons.
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Let me know if you have any questions. I am here to help you.
Cheers!
Cyril “Jeet”
of Teknikforce
Your best friend in business