Individual Entrepreneurship
In the next decade, individual entrepreneurship can consider three aspects:
- Fragmentation of Media: Countless media outlets dilute your attention, making it challenging for your brand to gain widespread visibility. It’s difficult to captivate the entire nation using a single media platform. The richest water seller even confessed that losing CCTV, a major media outlet, left him unsure how to conduct nationwide business. In the next 10 years, we may witness the emergence of numerous brand workshops catering to niche demands, generating annual revenues in the millions and ensuring survival and growth by satisfying a small segment of the market.
- Diversification of Aesthetics: The unlimited decrease in communication costs facilitated by the internet has led to a cultural crossbreeding, giving rise to countless unique interest groups. It’s remarkable to imagine a small team selling stockings earning tens of thousands of dollars every month.
- Miniaturization of Products: Have you noticed how rice cookers and frying pans are shrinking? This is because household units have decreased from five to three, and possibly even to one person. Catering to the needs of one to two individuals signifies product miniaturization, presenting an opportunity for small brands to flourish.
The new economy and internet models offer ample room for imagination. Comprehensive models will be replaced by niche ones. Although it may seem like the cake is getting smaller, in reality, there are more cakes. From business models to product planning and development, it’s essential to keep pace with the changing times.
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