Sometimes the best businesses are often based on the simplest ideas. They do not have to be overly complicated or first to market to become market leaders:
- Google wasn’t the first search engine – it was simply the easiest to use and best performing. Originally, it was in a very crowded market, with competitors such as Alta Vista, Lycos and Yahoo.
- Amazon didn’t (initially) stock the widest range of products – however, it took the department store online as an extension of its original bookseller platform. Simply put, Amazon has put the high street in homes.
- eBay was a simple trading platform designed as a hobby to be the “perfect market”. Its competition was traditional boot fairs, and in turn, it developed to become a web store as well as an online auction house.
All of these businesses quoted above share a common theme. They are founded on a simple idea, which is unique and can be described to a child in a sentence or two. In the business world, these would be known as the ‘unique selling proposition’ and the ‘elevator pitch’.