I want to take some time to discuss entrepreneur concepts. These are ideas or concepts that are on the back of many entrepreneurs minds, and can be attributed to much of their success. I want to share these with you today to give you practical concepts that you can apply in business, or in your daily life to achieve more. By just applying one of these ideas you may see dramatic improvement in your next business venture.

Here We Go.

Path of Least Resistance – This is an ancient concept that relates to life, and everything that life encompasses. Ancients, and modern scientist have found that life grows and moves through the path of least resistance. Lighting will strike down a path with the least amount of friction. Water will move down a river in the path of least resistance, and a tree will grow upwards in the least resistant trajectory.

In modern business people have found that humans act in that same way. They make purchases, decisions, and take action on things that offer the least resistance. This has been talked about at length by many entrepreneurs, including Mark Cuban. The idea is to make things as easy as you possibly can for people to adopt. Getting a customer to adopt a new habit or behavior is predicated on making it as frictionless as possible. People do things because it’s easy and does not involve a lot os steps. Hence why Amazon CEO Jeff Bezos’s fought for ownership of the one click purchase. As well as why he’s launching the Dash button, a button that allows consumers to push a button at their home to order a product that will instantly be shipped to their house. Taking all the friction out of going to the store, or going on the internet to order something. This makes the process of ordering something as frictionless as possible, since they are reducing the steps needed to make a purchase. Focus on making your product or service as easy as possible to adopt, use, and purchase. 

Innovate – Peter Thiel wrote a remarkable book titled “Zero To One” (affiliate link). In this book he discusses the idea of innovation and how it it creates something from nothing, as opposed to building off an already created idea. He differentiates innovation from development by saying its vertical growth as opposed to horizontal growth, the latter which is so commonly associated with globalization. Globalization is essentially taking what has already worked, and implementing it in new places. Vertical growth however is taking something that never existed, and bringing it to life.

In his book, Thiel says it will take vertical growth to overcome some of the development issues we are facing currently, and will help to create new opportunities. He also said that vertical growth creates monopoly profits which is ultimately what every business should strive for. Monopoly profits are the only viable way to keep your business growing indefinitely. He said competition is not the objective, and in the end will wipe out profits for everyone trying to compete. They will essentially undercut one another until there is no margin for profits left.

Monopoly profits are for those who innovate and have something that no one else has. Corporations with monopoly profits are often quiet about their bounty as to not cause attention for their enormous share of the market (Google).  Strive to innovate, and strive for monopoly profits.

Take these two concepts with you in to your day and see how they apply to your business and life directly. It’s better to focus on a couple things well and know them well, than a thousand things. After you have put some of these concepts into effect stay tuned as we dribble more entrepreneur concepts here at manthangreaternoida.