Monopoly is the situation where a single company sells a particular product or service. There are few products or services that are available only with a single seller. Monopoly is simply defined as absence of competition.
It could be because the company has got the product patented. There could also be a monopoly if the company is technologically so advanced that it lacks competitors or it could be simply ruling the market due to the superior quality of its goods or services. There are also natural monopolies. For example, if a particular natural resource is found in a particular area. That naturally makes some more privileged than others for that particular business.
Competition might have different barriers to its entry in the market. Some brands are so well established that standing in competition with those would require some concrete base. Nobody is going for a similar product or service from a new brand when an established brand already exists for that product or service. You may find a few customers, trying to save a few bucks, if your prices are low, but making a mark would be tough. Sometimes, monopoly gives the company the liberty to produce inferior quality or high priced products. Sometimes, monopoly can be illegal, but there are ways to attain a monopoly in the market which is fully legal and ethical.
To have a monopolistic business, you need to have something unique with yourself that you can share with the world. It could be a new invention, a new product. One may even think of buying the rights of some newly invented technology for your product. But these days, even ideas sell. It doesn’t always have to be a product. Next you look for a market. Identify the target customers and the geographical areas where you can find more of them. You can try to get exclusive right of sale of that product or service in those areas.
It is advisable to get a lawyer to make sure that the monopolistic business model of yours does not conflict with any of the government laws and policies. This could help in preventing hassles later. If you look at the history, you will notice that companies following monopolistic business models seem to attract more of legal challenges than other business models. Some are of the view that it is unethical to have a monopoly in the first place. Be prepared for these. Do not think of misusing the monopoly. If you keep the prices reasonable, it would cut down competition and your business will last longer. People do not mind paying the price if the quality is good enough. There have been monopolies that people love.
Until fairly recently, millionaires were the standard that most people shot for when it came to becoming rich. Now, because of inflation and an ever-expanding global market that offers limitless opportunities, billionaires have become the new millionaires. In the United States alone, there are over 20 millions millionaires. So, now everyone wants to be the next Bill Gates or Donald Trump, who have way more than a single billion. Fortunately, it is actually possible for just about anyone to accumulate vast amounts of wealth these days. If you desire to become the next billionaire, there are a few things you need to keep in mind. No matter the goal, when it comes to developing a business to generate a sizable income, the business models that are selected by the entrepreneur are vital.
Assuming that you weren’t born into a very rich family and you don’t have plans for marrying into one, chances are pretty good that you will have to work hard for your wealth. And, the hard work and efforts that you will expend need to be guided by appropriate and effective business models. That’s usually the way it goes.
The billionaires that you hear about and see on TV usually fall into two categories: those that were born with money and made it grow, and those that started from scratch and slowly built an empire. Most likely, you are aiming to become a member of the second group. Building wealth is always a lot easier when you have some to start with, but it is possible for anyone to slowly accumulate and invest until they are rich. But it takes some planning. And, as mentioned previously, it takes appropriate business models.
Becoming a billionaire also requires a certain mode of thinking. This way of thinking is a conscious decision to adopt an attitude that refuses to quit. Many obstacles stand in the way of becoming the next billionaire, but they all can be overcome. The key for billionaire wannabes is to truly believe they can succeed. This is what is known as “billionaire thinking”: anything is possible, if you really want it to happen. Of course, becoming wealthy is more than just positive thinking. Entrepreneurs will also need a tough mental mindset to get through the rough patches and make the difficult and sometimes risky decisions that must be made. You have to remember right from the start that things are never going to be easy, but they are doable.
Once you have decided you want to be a billionaire and are sure that you have what it takes mentally, the next step is to develop a plan of action that is based on tried and true business models. Evaluate where you are at and what you hope to accomplish.
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