It seems Uberization is now the new order. Consequently, strange business models that defy the classroom postulations of business school pundits are springing forth in their droves as a result of this – bypassing or knocking down competitions and disrupting market spaces like no other time in the history of free market economies.
It’s like there is almost an app for anything and everything – from ordering and paying for marijuana to stimulating love-making for two adults down to driving home simple discipline into the brains of today’s erring teenagers. So you now find a company who just shows up in your market space, develops a cool simple app, cart away with your customers, and then send you packing, with your pant hanging straight down.
One company that’s at the fore-front of this market re-ordering is Uber. When it was rumored that Uber would be coming into Nigeria, some of my friends called me up and we started discussing the fears and opportunities for stakeholders. Of course, one of the fears anyone, maybe the fundamental nationalists or proponents of indegenization, in Nigeria would raise is that with this development, we sure are allowing foreigners to come and cash in and cash out of us as a nation, or that Uber will take up a large market share leaving smaller Nigerian firms struggling to compete for relevance and profitability.
But really, how true is that? Well, I don’t know…and that’s not the bone of contention here. But have you heard of the company Didi Chuxing? An clear example of how to localize intelligence. It is one company that – maybe you are not aware of – is giving Uber China a good run for their money in the entire China market because of a concept I would call ‘localizing intelligence.’ Please Note: I didn’t say ‘localized intelligence.’
Didi Chuxing is a Chinese transportation network company established sometime in June 2012 with their head office situated in the city of Beijing. Just like Uber, it also provides vehicle and taxis for hire for over 40 China major cities via smartphone applications. As at February 2016, the company is said to be valued at $20 billion, but Uber China which started in 2015 but presumed to be more popular as a ‘global brand’ is valued at approximately $8 billion.
Because of the strong competition posed by Didi Chuxing, the CEO of Uber, Travis Kalanick, recently announced to the world that Uber as a company is losing over $1 billion annually on its Chinese operations to Didi Chuxing – that’s, a company that only operates in China.
So what point am I trying to convey, you may ask? Very simple!
Sometimes to compete well and edge your business forward, you must learn how to localize your offering instead of striving to cover the whole stretch of the entire market. When I say ‘localize your offering’, I am actually referring to either in demography or in value chain or maybe both. And doing that requires you to adopt a different way of thinking and starts ‘localizing your intelligence.’
Sometimes in business, it helps to think small.
Didi Chuxing took the car hiring business in the Chinese market and established a thorough grip of it. As a matter of fact, if you visit their official website, everything there is written in Chinese not English. Why? They slice down their market and choose to stick there by communicating precisely in a way that is exclusive to their market.
That’s a key part of their strategy. Just the same way I advise you to think about your overall competition as you run your own business.
Assuming you are bothered about someone like Uber stealing your market and leaving you with nothing, and you know that you can’t compete with them on a large scale, why not just take an aspect of the value chain, perfect it, and beat them to it? Or why not just slice the market into profitable bits and pick a bit where you know you can edge yourself better than them and stick there? For example, why not just develop a car hiring business that caters only for the whole of Lekki residence rather than wanting to compete on a large scale for the entire Lagos state and then get stuck on the way?
In business, you’ve also got to learn to localize your push for success. There is nothing wrong with that. Let’s not allow the media or societal expectations to force us to interpret the whole concept of BIG business to mean popularity or anything akin to that. The central idea is that if you can’t eat the whole elephant once, then slice it up and take a part of it and have yourself a feast.
In short, learn to localize your intelligence….QED!
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How Entrepreneurs Can Spot Opportunities In COVID-19 Pandemic?
Notwithstanding the worldwide COVID-19 pandemic, entrepreneurs need to confront another reality: that it isn’t just a gigantic clean and wellbeing crisis influencing millions, or even billions, of individuals across the world. This is likewise inciting an extraordinary plunge in the worldwide economy. But there are opportunities in covid-19 crisis.
The public authority, general wellbeing and financial reactions are immensely extraordinary on the off chance that you are a business person. As business originators, you will likewise require totally different activity designs set up contingent upon your area and industry.
On the off chance that you are in web-based shopping, food conveyance, video gaming or video conferencing ventures, where the business is as of now blasting, it’s a totally unexpected picture in comparison to in the event that you are maintaining a business in the lodging, café, retail, amusement, or sports enterprises.
Where would entrepreneurs be able to discover opportunities in covid-19?
Opportunities in covid-19 are all over — entrepreneurs need to realize how to remember them to hold onto them.
Prior to diving into market research, ask yourself this inquiry first: “What do individuals need during a wellbeing and monetary crisis?” The main pieces of information are in the words “wellbeing” and “financial.” Then ask yourself, “What aptitudes do I have? What aptitudes do I need or need to learn?”
To begin revealing the requirements of the market, go on the web! There are such countless extraordinary instruments accessible to help check what the market needs. Yet, continue with alert. We actually don’t have an away from of what the enduring effects of the pandemic and monetary aftermath will be, yet entrepreneurs can begin little and scale as they see accomplishment in their new specialty.
Here is a snappy rundown of where to contemplate the market to reveal opportunities in covid-19 pandemic:
- Google Search Trends
- News Reports
- Economic Reports
- Climate Reports
- Health Reports
- International Trade Deals
- Emerging Global Markets
- Technology Acceleration and Innovation
- Local Government Resources and Grants
Seeing how organizations and governments move can serve to ensure you actually and monetarily as we as a whole explore unknown waters. Likewise, with any venture opportunity, entrepreneurs should have enough monetary assets to develop while controlling the outpourings and boosting their inflows of income to endure.
As we see today, any business that gives an answer for help keep the lives of the populace running while they stay in segregation is a demonstrated plan of action that works.
Here is a fast rundown, in no specific request, of the top items and administrations where cash is at present streaming:
- Masks, Personal Protective Equipment, Hand Sanitizers, Temperature Devices, etc.
- Home Essentials and Improvement
- Hospitals, Medical Laboratories, Pharmacy
- Home and Food Delivery Services
- Grocery Stores, Tech/Office Product Retail
- Blogging, Influencer and Digital Marketing
- Online Education and Virtual Services
- Website Design, Coding, Software as a service (SaaS)
- Curriculum Design,Professional Writing, Editing,
- Logistics and Transportation Companies
- Trash Collection, Laundry Services, Landscaping
- Hardware Stores
- Security Services
- Utility Services
- Janitorial, Cleaning and Disinfecting Services
- Pet Products and Services
- Home Beauty
- Entertainment and Gaming
An opportunity to search for opportunities in covid-19 is currently. With any additional time, a business visionary can chip away at reconstructing a site, make new frameworks, converse with clients, overhaul hardware and make new item contributions. Another proposal is to exploit distant work. It is more secure, more profitable and can accompany more pay and more noteworthy way of life adaptability.
Each crisis is an opportunity
Remember that the absolute generally troublesome or fascinating organizations have been made and took off during seasons of crisis.
It is in every case great business practice to tune in to what your clients need to reveal opportunities from inside a current business. Entrepreneurs who effectively study the market will have a preferred position in taking advantage of lucky breaks in the steadily changing scene of our economy.
After the COVID-19 crisis the exercises to learn are:
More restricted travel of products and individuals, eminently business explorers (more far off working and far off gatherings) because of the effect of physical removing necessities. We should factor in future clean emergencies or even new battles because of worldwide congestion.
The possible development in “dematerialization” of items and administrations: for instance, we could observer a blast in 3D printers to create covers and ventilators in every nation.
Greater readiness incorporate dynamic: for instance, we’ve seen organizations like Apple changing their activities essentially overnight to configuration, produce and boat face shields for medical specialists.
The ease item sourcing model, where China and India are the world’s producers, will be finished. Globalization too. This crisis will change the connections among nations and states: introducing new difficulties, new stakes, new perils, new dangers (wellbeing and atmosphere).
Governments should, and will, request to be free and self-ruling concerning basic medical supplies and medicines. We can figure out how Korea, Singapore, and Taiwan have quickly contained COVID-19, however, their populaces are prepared to acknowledge individual following and facial acknowledgment innovations which are not yet worthy in different social orders (a lot of Europe for example). A world less open and, presumably, less free is not out of the ordinary.
With virus control prone to continue in numerous pieces of the globe, we’ll see without a doubt better approaches for life delivering new necessities, which will thus make new opportunities for entrepreneurs. Some new plans of action, new proposals around dematerialization, should be imagined.
In the coming years, the new lord of the world will be the “Amazon of dematerialization”. Also, it will be the entrepreneurs who will execute this new world.
Rahul Raghuwanshi is an SEO specialist and SEO Content Writer at Special Oilfield Services. Special Oilfield Services is one of the leading oil and gas industry maintenance and solution provider based in Oman, UAE.
We provide optimal drilling and completion, vibration monitoring and analysis, mechanical and reliability asset management, chemical solutions, and drilling and completion services along with reliability and asset integrity services, to oil and gas in all over the globe. With our latest and most advanced techniques we deliver best results to our customers. For more information visit our official website speciloilfield.com.
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