A Quote by Michelle Phan
The beauty of the Internet is there's a niche market for everything, and if you can focus on it, you can build a sustainable and viable business of it.
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I tell my graduate students [at Bard College], ‘There are two ways to change the world: through policy, or through sustainable business.’ With sustainable business, individuals build solutions within the current system… Sustainable business asks, ‘How would nature do this?’
If you have a strong business idea, then it is comparatively easy now to get capital. It is a positive thing that increasingly more people want to join the startup bandwagon. However, to build a successful business, focus on creating more value through the product, and direct your efforts on solving real issues. If you manage to build a sustainable product, revenue will follow. A lot of startups fail because they concentrate on incremental innovations, increasing user base, and monetisation before strengthening the core of their business.
When there were not very many Internet companies, the supply of Internet companies to the market was small and the appetite for them was large. Therefore, if you were in the business of creating Internet companies in 1996-98, you had a market that provided massive demand for that.
Many people decide to jump from niche to niche, as they cannot find success immediately with the niche that they have chosen for their online business.
I think it's more about trying to just focus exclusively on writing music and making that a viable, sustainable lifestyle. It's difficult because it forces you to really get creative.
Hindi film industry has not proved to be a viable alternative for me, hence, I shifted my focus towards South, where I have created a market for myself.
It's extremely hard to build a company with a product that everyone loves, is free and has no business model, and then to innovate a business model. I did that with Kazaa, had half a billion downloads but that wasn't a sustainable business.
Cable is a niche business. If you can own a niche, that can be a very strong business.
I would say the league is viable as long as you have owners who want to continue funding losses. But it's not on the long term a sustainable business model that we're happy to be supporting. It needs to be reset.
I think small business is struggling in New York City. It's a fantastic market, it's a very appealing market, there's lots of opportunity, at the same time it's a very difficult place to build a small business.
We have to make sustainable living convenient, sustainable business profitable & sustainable change fashionable
What sets the The Next Web apart is a focus on the internet as a key driver for a global market. Their international view is unique, making their blogs a must read and their conferences a must attend for professionals like me who do business around the globe
Facebook is like the Internet: a large company and an application. Bitcoin is a protocol for decentralisation, so you could build a decentralised company on top of it, a stock market. It's an Internet of ownership, so it's not quite a direct comparison.
Radio has always been a niche business. Cable television has always been a niche business. Magazines have always been a niche business.
Online theft has changed the business model of filmmaking because the DVD market is very soft. So, more ambitious, compelling, character-driven narrative of a certain budget level isn't really a viable business model in the eyes of the studios right now.
When you are starting to run an online business, you need to narrow down a niche market and be able to stick with it until you have a good profit coming in. This can take a while, so you need to have a great deal of patience to make sure that your business is moving in the right direction.
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