- What was the general theme or argument of the book?
The general theme of this book was essentially explaining why the 80/20 rule works. Anderson stresses the idea that a lot of niche items can outsell a few big hit items. Niche markets are the new thing because of how many products can be offered online. There is an endless amount of people that can create endless products to meet rare and unusual needs.
- How did the book, in your opinion, connect with and enhance what you are learning in ENT 3003?
How this connected with what I've learned is that a big part of entrepreneurship is finding an unmet need that could be fulfilled. Entrepreneurs need to be creative when searching for untapped markets and niche products. It also enhances the ideology that no idea or product is too crazy. Since there is so much opportunity to create and market products through the internet, it creates more opportunities for people to find unique products.
- If you had to design an exercise for this class, based on the book you read, what would that exercise involve?
If I had to design an exercise for this class based on the book, I would have the students research a company or market where the 80/20 rule actually exists. They should have to research the products that are creating this rule and why it exists. It will be a good opportunity for students to realize the possibilities that small niche markets offer.
- What was your biggest surprise or 'aha' moment when reading the book? In other words, what did you learn that differed most from your expectations?
My biggest 'aha' moment was learning that a lot of random niche goods often outsell a few hit items. With the high price and prevalence of big ticket items such as cars or cell phones, people don't thin about the cheaper products that solve a rare need. People tend to focus on their one big idea, when in reality they would be better off coming up with some cheap and simple niche products.
Hey Andrew,
ReplyDeleteYour reflection is very good. I really liked reading about the exercise you would create from the book. It could show an insight to entrepreneurship and economics that isn't readily seen.
Hi Andrew,
ReplyDeleteI actually read the same book that you read and could relate to a lot of the things you said in your post. I also was really surprised to find out that a lot of random niche products often do just as well as hit products. Lastly, I really like the class exercise you came up with and would really teach the students about the 80/20 rule.
I really liked your "ahha" moment. I think that we tend to overlook the opportunities that lie right beneath our noses because we are so caught up in the big stuff. The difference is that these big items have such a saturated market, whereas hidden opportunities take creativity. I think if we can find a hidden opportunity we won't have as much competition and we can profit more from the niche.
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