A friend once shared a video titled Entrepreneurship monopoly (don’t mind the title) and I liked a few concepts they talked about. Top amongst them is the 4C concepts of the 21st century entrepreneurship- this is what I’d be summarizing today. I hope you learn a thing or two.
Find a unique broken market and integrate it. I was excited about this one because I’ve always been an evangelist for finding and fixing broken markets. Thankfully, I wrote something on this in the past here. You may consider checking it out.
To succeed in the 20th century, businesses needed to own the entire factors of production i.e. land, resources, labour etc. By controlling the factors of production, they were able to strangle opposition through pricing and better products.
Today, things have changed, they only need to own the network of association. Companies today have to find ways to grow their platform by connecting one user to another. Once you connect one user to another user, the platform suddenly becomes 5-10X more valuable for all parties.
The users consume content on your platform by interacting with one another in your ecosystem/network.
Consumption could be through watching their shows on Netflix, getting dates on Tinder, chatting with friends on WhatsApp, investing with Bypork, watching funny videos on YouTube or studying on Udemy.
Make sure to reward the drivers of your platform to keep them motivated to continue using your platform. In YouTube’s case, it is subscribers, views, comments, share etc for creators. For Uber, it is more rides for drivers. For Amazon, it is more sales and revenue for the sellers. For Instagram/Facebook/Twitter it is more likes, comments and follows. For Bypork, it is passive income.
You have to find ways to reward your users/drivers with these ‘benefits’ so they are motivated to keep using your platform. Think about it, would you abandon your Instagram account if you had 10M followers? Probably not.
Thanks for reading till the end. Lemme hear your thoughts on this via the comments section and do share with someone if you enjoyed it.
Reminder: The 20/20 challenge starts today Please reach out to 20 friends to see how they are faring.
Have a great week.