Specialisation Is Key To Higher Price
Marcia Layton Turner, argues in Forbes the benefits of specialisation. Businesses that specialise in a niche, she maintains, are more appealing to business buyers and investors.
Marcia lays out five sound reasons as to why you should consider specialising and they include higher earnings, higher efficiency and higher customer preference.
Generalist or specialist? That is often the question at the start of any venture or career. And yet the answer to both is typically the same. Specialization is the way to go to maximize profits (corporate or personal).
Many startups begin as specialists. Tech geniuses with an idea for how to do something better, like Steve Jobs and Steve Wozniak, for example, began with a vision of a computer for the masses. EBay’s Pierre Omidyar wanted to create an online marketplace for used goods. Sara Blakely created an entirely new market with the launch of her new “shapewear,” a.k.a Spanx.
None of these entrepreneurs conceived of broad solutions, or products absolutely everyone needed. No, they started with something specific, based on an idea or recognition of a need in the market. And they built businesses based on that one solution.
Read the article: Specialize And Grow Rich: The Key To Profitability