The structure of the industry and market is very unstable. A small upheaval—and it falls apart. To some, the structure of the industry and market seems so solid that it appears to be considered a part of the natural state of things, existing always. Changes in the structure of the market or industry provide opportunities for innovation. In the event of a change in the industry structure, every entrepreneur must ask themselves: "What is my business?" And try to answer this question with the new realities in mind. Large manufacturers and suppliers, successful and unwavering for many years, tend to become complacent. Initially, they ignore newcomers, not seeing them as competitors. And even when these newcomers gradually take over more and more of their business territory, it is difficult for them to mobilize to counteract. For example, when demand for timely delivery of urgent documents and packages sharply increased, the U.S. Post Office could not counter UPS and FedEx, which gradually pushed it out of the business. TIP OF THE DAY. Never stop asking yourself what your business represents.
Industry or Market Structure
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