Press Release (ePRNews.com) - PETALUMA, Calif. - Nov 13, 2018 - Entrepreneurs may not know what to focus on when they decide to form their business. Since an entrepreneur is required to develop a product, find a product-market fit, develop their culture and focus on hiring quality employees, they may be uncertain of which has more significance. Brandon Frere, successful founder of Frere Enterprises and other ventures, believes entrepreneurs may achieve more success if they develop their business as though it would become a monopoly.
“Look through the metrics to find an obvious pattern of user behavior that not enough people are exploiting, or that you can do better,” said Frere. “Then make sure it’s something you can do and something that you can do for a long time.”
It is important to remember that every company begins with some guesswork before their analysis into finding out if their business will work. Many successful businesses began with an assumption that the owners agreed with, that they decided to do market research about in order to prove. A lot of research may be done just to prove that the assumption that the company is based on is valid. The way to judge whether an idea is great may be to judge whether the idea can form a monopoly and figuring out how to prove the idea is likely true.
Look through the metrics to find an obvious pattern of user behavior that not enough people are exploiting, or that you can do better.
Thinking about developing a business into a monopoly may be useful for planning the company’s direction. As an example: If a company is born out of an idea to sell books online, there won’t be a monopoly; they would need to compete with Amazon and many other booksellers. By comparison, an entrepreneur who looks to quantum computing might notice that transferring books over to quantum is difficult. That idea could form the basis of a company that specializes in transferring books over to quantum computers, which might be something worthwhile in the future. Yet that company relies on a core assumption that quantum computers will be successful; without that assumption, there is no hope for the company. Using data to confirm these assumptions is necessary to have the confidence to start a company to begin with.
Thinking about establishing a business as a monopoly may help a company think about how original they need to be, what sort of value they need to provide for people and what they may be able to do to make that monopoly happen. If the company pans out, it will probably not be a monopoly by the end, as many competitive businesses may suddenly appear. This can stop the business from actually achieving market domination. If it doesn’t, then the company needs to worry about how to prevent becoming a monopoly for legal reasons. Until that day comes, developing the business as a monopoly may be a good way to plan the next move or gain confidence in the company direction.
When an entrepreneur thinks they’ve come up with a plan that can make a monopoly, they can then look for the right data to make that dream become a reality. The confidence in the assumptions that enable the company comes from market research. If there is research that can be interpreted in a way that makes the company’s assumption seem reasonable, then the company has a higher chance of succeeding. The results of the market research can be used as a logical basis to justify or convince investors, users and tentative employees until it is clear that the business is a viable choice.
“There is no way to completely avoid risk, but with enough market research and checking for a good product-market fit, many entrepreneurs may be able to find success,” said Frere. “Look for a new monopoly that can help people do as they want and make their lives a little better. I think there are still enough secrets out there to make consumers’ lives better every day.”
About Brandon Frere
Brandon Frere is an entrepreneur and businessman who lives in Sonoma County, California. He has designed and created multiple companies to meet the ever-demanding needs of businesses and consumers alike. His website, www.BrandonFrere.com, is used as a means of communicating many of the lessons, fundamentals and information that he has learned throughout his extensive business and personal endeavors, most recently in advocating on behalf of student loan borrowers nationwide.
As experienced during his own student loan repayment, Mr. Frere found out how difficult it can be to work with federally contracted student loan servicers and the repayment programs designed to help borrowers. Through those efforts, he gained an insider’s look into the repayment process and the motivations behind the inflating student loan debt bubble. His knowledge of the often confusing landscape of student loan repayment became a vital theme in his future endeavors, and he now uses those experiences to help guide others through the daunting process of applying for available federal repayment and loan forgiveness programs.
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