THE SECRET OF BUSINESS The importance of the business concept, consistency in its development, and the element of luck.
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s there a special secret in business that one can rely on in order to make a business idea successful? Yes and no, would probably be the right answer. The secret of business is to know something that nobody else knows. Better said than done some may say, but that is surely a good way forward. And whilst not easy there are some fascinating opportunities out there waiting for some entrepreneur to take up and develop. In business, one must pick up the right idea and develop it until we create a successful venture. A lot of young people will say that the market is flooded with business enterprises and that competition is fierce out there. The answer to that is that competition has always been around. For centuries on end. And most likely our ancestors of the Middle Ages thought much the same. The digital field has changed the world, certainly, but new technologies are not new. It may have changed in different ways and at different times, but innovation has and will always be an important part of our world. So, the best and first step in business is to find a good concept 22
that has not been developed and could provide the market with a new product or service which is needed, or could be needed, by the final consumer.
This is without a doubt a way of finding a market niche. An old friend of mine, Ruperto, started a man-made all-weather material horse saddle factory in England in the 90s. The UK being a large market for riding and saddlery made it the perfect target, but people were used to traditional leather being used for saddlery - mostly handmade in the Midlands close to Birmingham. But Ruperto, being a keen Polo player, thought that the traditional saddle - whilst being beautiful and sometimes a lifelong product - needed maintenance as well as repairing and regular cleaning. He designed a clever product which had the great looks of a
traditional saddle but was almost maintenance-free and was far more comfortable and lighter for both rider and horse. He bought an old factory and turned it into a highly successful company selling his new saddles worldwide. And simultaneously he makes a different line of traditional leather saddles for the classic clientele. His quality and products are so good and established that he can well afford to bring new lines into production that will make its ways to different types of consumer. This is without a doubt a way of finding a market niche. One must either find a new idea or find a way to improve an existing product. Either of the two are excellent ways to succeed. CONSISTENCY It is quintessential in any business development to be consistent. Assuming the entrepreneur has picked up the right idea, he must be consistent not only in its development but in its day-today management. Nothing is more effective than consistency when it comes to making your company, or your results, stand GIBRALTAR MAGAZINE SEPTEMBER 2020
