One of the most important hurdles – or rather opportunities – for an entrepreneur to come to terms with, is limitations. Aside from knowing what limitations lie in the way of your business, you must figure out how to use these limitations to your advantage. Having the ability to harness such resourcefulness will ultimately give your firm a competitive advantage in the market. For being able to turn a constraint into a new opportunity, is a differentiating skill that separates the “okay” entrepreneurs from the “great” entrepreneurs. Finding a way to do this will safeguard your enterprises self-sustainability, which ultimately will lead to your business’s success.
Take for example the Facebook business model, the offering of a free product while relying on revenue from advertising to survive. This model was born from the idea of wanting to offer a fun and free service, but still needing to make some sort of income in order to remain operational. (more…)