A great technology company should have proprietary technology an order of magnitude better than its nearest substitute.
Same for e-commerce or product or service based company. Some of the example I have in mind such as Amazon, Apple, Infosys etc.
But many companies rarely produced 2x, let alone 10x, improvements.
Sometimes their offerings were actually worse than the products they sought to replace.
The company tried to correct for this deficiency by using mirrors to reflect more sunlight to hit the bottoms of the panels, but it’s hard to recover from a radically inferior starting point.
Companies must strive for 10x better because merely incremental improvements often end up
meaning no improvement at all for the end user.
Suppose you develop a new wind turbine that’s 20% more efficient than any existing technology—when you test it in the laboratory.
That sounds good at first, but the lab result won’t begin to compensate for the expenses and risks faced by any new product in the real world.
And even if your system really is 20% better on the net for the customer who buys it, people are so used to exaggerated claims that you’ll be met with skepticism when you try to sell it.
Only when your product is 10x better can you offer the customer transparent superiority.
Therefore following question must be asked by any future monopolist entrepreneur.
1. The Engineering Question
Can you create breakthrough technology instead of incremental improvements?
2. The Timing Question
Is now the right time to start your particular business?
3. The Monopoly Question
Are you starting with a big share of a small market?
4. The People Question
Do you have the right team?
5. The Distribution Question
Do you have a way to not just create but deliver your product?
6. The Durability Question
Will your market position be defensible 10 and 20 years into the future?
7. The Secret Question
Have you identified a unique opportunity that others don’t see?
8. The Quality Question
Does your product and service best in the market in term of durability and convenience?
9. The majoring Question
are you observing what is a matter to enhance value and growth or everything?
10. The Entrepreneurship Question
Are you the best version of yourself, if not what else you are doing to be there?
11. The Ultimate Question
What is your hidden goal where money is just a mean to achieve it?
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