You have to do you own thing. Find something where you are good at. It doesn't work replicating someone else success because circumstances are different. And you might not have the same type of skills that are required. What worked 5 years ago is not relevant anymore. Especially on the internet things keep evolving fast.
That's why passive income and the internet are mostly bullshit. Nothing is really sustainable or passive. Even renting out properties is not because you have to maintain them and find new people who want to rent, do al the paperwork etc.
But sustainability of a business would mostly go hand in hand with it's competitive advantage. Why do people have to buy something from you and not from the competition?
Why are some corporations so successful?
Facebook, Ebay have a network effect.
Pfizer has patents to protect it's inventions from being ripped off by competitors.
Coca-cola has a very valuable brand name.
Some Chinese corporations have a production advantage because they can produce cheaper than Western countries.
Luxury brands like Gucci, Supreme, Versace they have very good marketing and can hype up the brand. In essence you just pay a premium in price for their brand name, to look cool. So they play on human psychology and use it to make a profit.
Amazon has a scale and distribution advantage over competitors.
You know what i mean? But it wouldn't work out starting your own Amazon, the sweet spot to enter that niche has already passed. You can't compete with them just like that.
It would be smarter to get into some new trends like AI or blockchain. There are still a lot of opportunities but you need to skills for it.
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Unfortunately, I don’t have any skills in the field of blockchain and AI. My field of work is Business and Management.
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Why are some company so successful?
It's a good question. I'd imagine there's a whole host of reasons as well. From timing to marketplace to user base. I think it's a cross between great timing decent luck and a good product.
I think the real path to success is having a purpose driven company. If your purpose is just to sell a product I think it might be difficult, however if your purpose is to make the lives of your customer easier by doing "X" and you base your philosophy and mission statement around that, perhaps that is a good way to grow.
But hey, what do I know. I'm not a multibillion-dollar corporation yet. lol.
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I actually expected a lot of people to jump in and say CRYPTO! It's not untrue. There are people who did make a lot of money. @freedom account is killing it in passive income department. @haejin made a lot of money too. Everything changes. You make money a one place and invest in another. That's the only sustainable way I see in a constant sea of change.
I recently came across Amazon FBA businesses. Here is a channel on that: https://www.youtube.com/channel/UCzMosKVN6ZI5dZs7m0wH7eg There are videos from years go and there are clear signs of growth. E-Commerce is the future of selling stuff anyways. So that could be good.
The best of all is to make platform and take a cut for the service. As long as people need your service, you'll be set for life (if it scales well)
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...no creo que haya una sola respuesta válida para tu pregunta...no creo que la suerte tenga mucho que ver tampoco, la mejor forma para lograr lo que quieres es haciendo justo eso( busca información, estate al pendiente de las últimas noticias refiriéndose a temas en los que creas estar capacitado) es posible construir desde 0 una empresa multimillonaria siempre y cuando sepas estar en los lugares correctos y buscar el momento oportuno con alguna idea interesante en la mano...espero te haya servido de algo...
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That is partly true. The Dutch 'Amazon is vol.com. They first started with Books On Line. Now they sell everything, publish and you can.use them for your 2nd hand books too. It all just depends on were you live and how hard your own country makes it to order, the taxes etc frequently are too high to make Amazon interesting.
It will be the same if it comes to the blockchain and cryptocurrencies. It all depends on where younlive itf it will be a success.
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@niel96, Yes, We have to make our passion Sustainable and it's possible through time to time evolving. 👍
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