If a T-Rex was set loose in your city, you’d stay home for the day, right? You’d barricade the door and call emergency services.
Dinosaurs are scary because they’re huge, they’ve got razor sharp teeth, and in their eyes you look like a tasty lunch.
When you’re an entrepreneur, big, multi-million dollar companies can seem like dinosaurs.
For a long time, they looked that way to me. That’s why I helped new business create new markets, instead of taking on the dinosaurs head-to-head.
That was until I talked with Richard Branson. I was attending a conference at Branson’s Caribbean home, and I had the opportunity to sit down with Richard.
I explained that I’d always sought out new markets when launching a business. However, I’d noticed that Richard took a different approach.
“You go into the biggest markets with the most entrenched customers and go head to head,” I said.
His response was one of my greatest lessons in business.
“I go into big markets where people have already proven they want the product and will pay for it,” he said. “Their wallets are already open.
Then I just look for one person that has a problem. Find that one person and one problem, and if the market is big enough, that represents a big business opportunity.”
In other words, the dinosaurs know where to find the best meals. If you’re looking for a feast day, follow a dinosaur.
The thing about dinosaurs is that they’re huge, lumbering creatures. You, on the other hand, are a nimble entrepreneur. You’re much quicker to adapt to changes in the market. And today, the market is changing faster than ever.
So don’t be afraid to take on the dinosaurs at their own game. In today’s marketplace, you’re the one with the advantage.