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CHAPTER 3 THE MILLION-DOLLAR BUSINESS IDEA
found it troublesome and limiting to constantly wire up
computers to each other and to Internet points. So, they built
their brand by introducing and becoming a leader in wireless
networking technology.
Another example would be Dell computers. At the time when
IBM and Apple were dominating the PC market, Michael Dell,
a college student, knew that many people would order a
custom-made computer at if it came at a much cheaper price
than what the market leaders were offering. By eliminating
the middlemen (retailers, wholesalers etc…) and selling direct
to end users, Dell established a unique competitive advantage
and a billion dollar business.
Can you eliminate a something from your competitor’s product/
process to make it more appealing to your customers?
5) Substitution
The finally strategy is ‘substitution.’ This involves substituting
a part of a product/ process with an alternative part/procedure
to make it more desirable to the customer. For example,
someone savvy recognized that teachers found the chalk and
blackboard to be messy and unhealthy (because of chalk dust)
and they invented the whiteboard and non-permanent markers.
This ‘substitution’ or switch was universally adopted.
96 SECRETS OF BUILDING MULTI-MILLION DOLLAR BUSINESSES
