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The short answer is no. If you read about successful young entrepreneurs who started from scratch and became a billionaire in the short term, you must realize that such is often survivorship bias.
However, is succeeding in doing something from scratch possible? Yes! There are no limitations if we understand how things work in the real world. What, then, is the inconsistency or misunderstanding? Let’s try to figure it out.
First, define what you want to do – a startup or business. I mean, do you realize your motivation to do something? Do you want to launch something because other people are? Are you willing to make money? Would you like to change the world? Would you like to work on something like a scientist? Are you ready never to succeed, or do you want to see results in a month?
Nowadays, there is almost no anonymity online. Instead, many people strive for the opposite – total publicity as it concerns their professional goals, copyrighted materials, and intellectual property.
In our booming world with new value systems, it just doesn’t make sense to hide your intellectual property. It doesn’t make sense to hide a new idea instead of implementing it. Perhaps, it could even be considered a crime in the future. However, we aren’t discussing the copyright’s abolition or its infringement.
Against the backdrop of the new developments and opportunities in today’s information-centric culture, traditional copyright registration can be an obsolete means to an effective end. In many cases, it’s even a limiting factor for industry development and infringes on authors’ rights.
How will buyer-seller relationships unfold in the future? New distribution channels are needed nowadays when creating and publishing content is an option for everyone, but selling products remains a challenge. Moreover, as more up-and-coming content creators appear, the problem becomes more serious.
If I like Dave Brubeck, I’ll search exclusively for his music. However, if you are not Brubeck or Rihanna, you’ll struggle to be noticed because nobody’s heard of you, no matter how brilliant your music may be. A presence on Amazon or iTunes isn’t always enough if your buyer doesn’t know you exist.
You can undoubtedly publish content on your blog, but who will buy your book or music there? Your friends and family might cheer you up. Of course, if your blog receives tens of thousands of unique visitors daily, that’s another story entirely.
So, law firms should create recurring revenue streams and make more use of technology and new business models. According to our research, law firms are losing about thirty percent of their revenue. There are many factors behind this, but I would focus on this first:
– Customer acquisition. A few years ago, it seemed this would never be a problem. Now we see the opposite trend. Clients often go to those who are open to this. What does it mean? The entry threshold for a new customer is challenging. Technology penetration into the industry is shallow, affecting communications and customer service.
– Customer retention. Like the customer acquisition, it seemed like customers had no choice, but now they have. Legal companies, unlike other industries, do not allow their clients to split the cost over a certain period, which is possible in the case of a monthly subscription to services.