The Best Business Strategy

[Mika]

Do you know what the best business strategy is?

Well, in my opinion, the best business strategy is to create a monopoly.

What is monopoly exactly?

Monopoly is the “absence of competition.” In other words, when there is no similar business or product in the market, it is a monopoly. When there is no competition, you have full control over the market.

How can you create a monopoly?

By selling unique products, you can establish a monopoly. If you create a product that no other business has created, you will have full control over the market.

How long can you create a monopoly in the market?

Monopoly will not last long because a similar, or even better, product will emerge soon because other businesses also want to have a share of the pie.

If you don't believe me, look at the mobile phone companies and the mobile phone market.

For a long time, Nokia had a monopoly, and then came smartphones like Samsung and Apple. Until recently, they had no competition, however, now new companies have grown tremendously.

 

[Jasmine]

Monopoly or even duopoly can be a business strategy for big companies, however, for small and medium enterprises, this is quite not possible. Therefore, small and medium businesses need to produce the same product that big businesses are selling, improve the quality of the product, offer unique selling proposition, use good marketing strategies and mange to stay afloat in the market. There is one interesting strategy that small businesses, basically start-ups, can use to grow big. They will have to create unique product and then try to sell the product to big businesses. For example, Minecraft was not created by Microsoft, but today Minecraft game is under Microsoft. Youtube was not created by Google but today youtube brings a lot of revenue for Google. Likewise, Instagram and Whatsapp are not Facebook's original product, facebook acquired these products. Big businesses are always looking forward to take over small companies, you can try that.