Yes! I get you. Monopoly here, I’m not referring to the board game monopoly. But the actual act of business monopoly. What is monopoly?
EXCLUSIVE CONTROL OR POSSESSION OF SOMETHING
When you have absolute control over something, you inferably have no competition and its accompanying challenge to business.
One may be wondering “how can I possibly create monopoly in a competitive market as this?” or you may be thinking: “I’m only new here. How can I when there are all these ‘big guys’?” The answer is in MONOPOLY. Play MONOPOLY.
Irrespective of your business, there are at least three way of creating monopoly:
We’ll look at PATENT AS HAVING SOLE RIGHT TO SOMETHING. In this case, having sole right to the provision of goods/services
When you create something: be it goods, service, procedure, or a trademark no one has legal right to compete with you – at least for a while. There are still virgin areas in some fields, other times you have to innovate.
For example, some of us have cars. There are several mechanics competing for customers. But when one creates monopoly by being the only on that can fix car fault FASTER, BETTER, EASIER. In this case, he created procedure so his client s won’t have to keep coming for repair of the same problem. And by so doing, he breaks free of the competition. Though there are others competing, and struggling for clients, nevertheless he is succeeding amidst it!
The second way is by carving out your niche.
NICHE: AN ENCLOSED ENVIRONMENT FOR WHICH A PERSON DOES PARTICULARLY WELL
You may not be able to fight everyone in the whole market. But you can carve out a portion of it and dominate there in.
For instance, when Ford motors came in, they did not go chasing the entire market. At the time, there were some ‘big guys’ in the business like Mercedes Benz. Instead, Ford focused on the middle class and produced cars for them. That’s how they made success!
They carved out a niche for themselves. At the time, they didn’t bother creating luxury cars for the rich…there were people doing that already. They went to those that were not served. They went to the part of the market other did not tread.
Cowbell did the same thing – Creating a niche with low income earners by creating small sachet milk!
In that your business, you can start creating monopoly by offering the most excellent service. People would take note and soon you’ll be the demand in spite of others. Alternatively, you can create a niche by specializing in a particular area of the market or business and becoming the best at it.
GET GOVERNMENT BACKING
If you have good product with Government of your target market backing it, your business will always dominate. Dangote Group is an example of a business playing monopoly in Nigeria. This happens because Dangote plays along with the Government and Government keeps making policies that favour his business to stay above the game. You will hardly see any of Dangote’s product that has a strong competitor. That is monopoly of Government backing.
Monopoly is about creating control or possessing control. You do so by either creating something that only can deliver or providing a general service to a particular group (or circumstance) that only you are reaching.
Hope you got the point? Keep playing monopoly.