There are many legal ways you can create a barrier to the competitionโฆ
In essence, these are the keys to creating a monopoly, and you always want to be in a monopoly-based situation, or close enough to it, as that is a license to print money!!!!
For example, a patent is a legal barrier that stops entrants from getting into a market. It provides the creator a period of time to be the sole supplier to a marketplace. You see many pharma companies benefit from this.
Capital cost is another barrier to entry. You or me most likely can’t open an airline, as the capital cost of investment is so huge that it is preventative.
Brand is another barrier to entry that all businesses can pretty much access, and for niche players is relatively easy to establish.
If you are the go-to company or person for a service or product within a location, or an audience, you can win, you don’t need a patent, you don’t need crazy investment. You just have to build your brand, decide on the perception you want to make within the market and aggressively get that message out.
You push that message out on social media, paid advertising, whatever it is. The cost to do so, is minimal compared to any of these other barriers and the effect of creating a barrier through brand wards off competitors and allows you to operate in an almost monopoly-like situation where you can pretty much charge what you want!!!
๐๐จ ๐๐ฎ๐ข๐ฅ๐ ๐ฒ๐จ๐ฎr ๐๐ซ๐๐ง๐ ๐๐ง๐ ๐๐ฎ๐ข๐ฅ๐ ๐ฒ๐จ๐ฎ๐ซ ๐๐๐ซ๐ซ๐ข๐๐ซ!!!
