11 Ways to Get an Edge in Business: Tips from Jason Fladlien PART 2
Apr 29, 2023
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Jason Fladlien, a business strategist and expert, shares tips on finding demand for your business, why you should never play fair, leveraging strengths and weaknesses for exponential value, and challenging industry standards.
Focusing on markets with high demand and limited supply can allow for higher prices, even with a mediocre solution.
To gain an edge in business, identify niche markets within existing demand and become the sole supplier for specific demands.
Deep dives
Play in markets with high demand and limited supply
By focusing on markets where there is significant demand and limited supply, even a mediocre solution can command higher prices. For example, the speaker recalls a visit to Universal Studios where they overpaid for mediocre food in exchange for a fully immersive experience. Although not endorsing this approach, the speaker highlights the advantage of operating in markets where demand exceeds supply, regardless of ethical considerations.
Identify niche markets within existing demand
To gain an edge in business, it is crucial to identify niche markets within existing demand. This involves identifying specific demands within a larger market and becoming the sole supplier for those demands. The speaker suggests offering general solutions tailored to the specific audience by changing examples and using industry-specific terminology. For instance, teaching time management to dentists by using dental industry-specific examples instead of generic content.
Balance working on strengths and weaknesses
Effectively managing strengths and weaknesses is essential for long-term success. The speaker highlights the danger of solely focusing on strengths, which can lead to neglecting weaknesses and becoming one-dimensional. Conversely, exclusively working on weaknesses can be inefficient and hinder momentum. Striking a balance between improving strengths and addressing weaknesses is crucial. The speaker advises identifying immediate weaknesses that can be quickly eliminated to improve overall performance while also striving to enhance one's greatest strength to a 10 out of 10 level.