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To start a digital business with low or no cash, look for a business opportunity within a microniche. Before going all-in,
you want to validate your idea cheaply. After validation, you can push on growth and as you grow, you create options to scale your digital business.
. Validate Your Idea Before Going All-In
The digital world creates two
illusions:
·
As you can talk to the whole world you end up wanting to talk to
everyone
·
As you can start with little or no money, you’re willing to test
anything
These two are indeed facts,
but only for those established businesses that have powerful distribution networks, marketing, and
R&D budget.
If you’re starting from
scratch trying to talk to everyone, or trying to test all the possible options
you have might not work.
Thus, you want to look at the
key components of the business
model you might want to build:
Find Your Business Opportunity By Starting With A Microniche
In the era of large digital platforms, it’s important to start adding value from a
small audience, which can become the backbone for your next digital
business. Indeed, that isn’t a single way to start.
However, if you have limited
capital or no capital at all, it’s important to start from a narrow space,
where you can add a lot of value. As a small
player, you’ll be able to break the trade-off between cost and value, which is at
the base of a blue ocean strategy.
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