Entrepreneurs thrive on market imbalance and chaos. Profit comes from inequalities and disorder in the marketplace. Entrepreneurs make money by bringing balance to these disorders.
Price of a good is high in one area of the world and low in another. Entrepreneurs will buy in the one and sell in the other. Producers may be creating brilliant products in a place like India but have no idea how to effectively market and sell their product in a market like the US.
Chaos, disarray, disorder, inequilibrium, discord, disharmony, variance: these are golden-ticket words for the entrepreneur.
Where the most profit happens is when an entrepreneur finds a particularly bad inequality or unmet need in the marketplace and fills it. If he does this and is successful, of course more entrepreneurs will come flocking to make a profit. Eventually it will become less profitable, more competitive and the consumer will rejoice as they are the victors.
While this may be elementary economics, it represents a huge opportunity to e-neurs. (heck, you can only write entrepreneur so many times)
The USA is heading straight into what are going to be some very turbulent times. Major changes are already taking place. How can an e-neur look at these changes and make money by providing value to the market?
Financial institutions are being taken over by the federal government. Is there a easier way in this Web 2.0 World to pair willing lenders with eager borrowers? Have we learned anything about reputation and rating systems online?
Newspapers are going the way of the buggy whip. (also asking for a bailout – who isn’t?) Are there parts of a newspaper best served online? Can they refocus and still have a physical paper?
There is an obvious trend towards online entertainment ala TV and movies being served through online channels. How can you make this transition easier? What will happen to your TV?
Intellectual Property law is being strained by the online distribution channels. Music, TV, Movies, these all need to adjust their business models instead of constant warring with their customer. Hulu, iTunes, Pandora – these companies are charting a new course in unfamiliar waters. Where will you go? How can you appease content providers and contentsumers?
The world is flat. Global trade is changing the rules. Shift Happens. Are you going to sell globally? Buy globally? Or even better help both those groups and facilitate trade.
Cell phones. If this change isn’t obvious and you haven’t heard of the iPhone, go back to your pleasant slumber under your rock.
These are a few quick examples of the huge amount of chaos/change happening now. The question is, how will you take advantage of this, make the world better and turn a profit?