Hey everyone,
So I got into a discussion with a friend of mine and talking about Millionaire Fastlane and the ideas around it.
Basically my friend is sold on the notion that whatever product you create / manufacture, it will get copied and aggressively competed with to eventually where the profits gets competed away (perfect competition). I quote: "Their factories and people are hungrier and will take lower margins than you. They have huge scale and can deliver way faster to market and beat you at your own game. Patents / copyrights enforcement don't exist (which we all agree). As such, why bother in the first place on these low tech type of businesses."
Instead, he gave me the advice to further develop my intrinsic value and double down on my job and emerging skills (5G / AI / blockchain) within my field (I'm in old school traditional professional services, think law, finance). From there, his advice was to identify and develop meaningful relationships with some ultra wealthy individuals and be their advisor on these matters and profit (slowlane mindset?).
Based on what I've learned so far (first week here), I countered with points such as: 1) products may get copied but brands / customer service is hard to replicate especially in western markets, and 2) you are targeting something just as competitive with relationship building with the ultra rich which may not even pay dividend down the road (especially given the time investment).
Thought I would bring this topic to the forum to discuss and see what you guys think. Also, excluding China's own domestic market, do you guys think we from the west still have an edge? Even outside of the US or your home market?
TL;DR: Friend says you can't compete with China and it's rising class of entrepreneurs which are poor and hungrier, so why bother. Discuss.
So I got into a discussion with a friend of mine and talking about Millionaire Fastlane and the ideas around it.
Basically my friend is sold on the notion that whatever product you create / manufacture, it will get copied and aggressively competed with to eventually where the profits gets competed away (perfect competition). I quote: "Their factories and people are hungrier and will take lower margins than you. They have huge scale and can deliver way faster to market and beat you at your own game. Patents / copyrights enforcement don't exist (which we all agree). As such, why bother in the first place on these low tech type of businesses."
Instead, he gave me the advice to further develop my intrinsic value and double down on my job and emerging skills (5G / AI / blockchain) within my field (I'm in old school traditional professional services, think law, finance). From there, his advice was to identify and develop meaningful relationships with some ultra wealthy individuals and be their advisor on these matters and profit (slowlane mindset?).
Based on what I've learned so far (first week here), I countered with points such as: 1) products may get copied but brands / customer service is hard to replicate especially in western markets, and 2) you are targeting something just as competitive with relationship building with the ultra rich which may not even pay dividend down the road (especially given the time investment).
Thought I would bring this topic to the forum to discuss and see what you guys think. Also, excluding China's own domestic market, do you guys think we from the west still have an edge? Even outside of the US or your home market?
TL;DR: Friend says you can't compete with China and it's rising class of entrepreneurs which are poor and hungrier, so why bother. Discuss.
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