In business the main goal is to maximize the almighty bottom line... profit. As a person new to the business world, establishing a profitable business and career may seem like a daunting task. Many people believe that there is too much competition in every industry and specialized skill to be able to earn a sizeable market share for themselves.
After doing market research you realize that there are not many products and services you can offer to truly differentiate yourself and provide value back to the market. However, I want you to realize that even in the most competitive markets, there is always room at the top. Let's go through an example of a young accountant with dreams of becoming a business leader in the future.
A new graduate with an accounting degree may enter a Big 4 accounting firm and earn his CPA. The "traditional" path for him would be to grind for a decade to become a partner at his firm or move into industry and become a controller or CFO at a large company. This is not the only path and a lot of aspiring business leaders discount themselves and fail to realize that there are always new ways to provide value other than pre-determined paths.
Let's say this accountant ends up working on a project with someone from the IT department to fix an internal data system that is used to serve clients. The accountant and the IT guy end up establishing a strong relationship and they learn a lot from each other. A few years later after saving up a lot of money they decide to go into business together and launch a business that revolutionizes accounting systems with the latest software and data architecture. This unusual combination of IT and accounting allowed these two professionals to realize a business that is a huge profit generating machine. Just look at the Fintech industry, venture capitalists and angel investors are throwing money at these startups because people are optimistic about these unusual combinations emerging as new business trend. Decades ago people entered into one discipline and mastered it in a narrow mindset, but in today's economy you will be at significant advantage if you can combine as many skills as possible into a business/career.
Other examples of combinations:
- Biotechnology, Biomedical engineering and Medical technology
- Behavioral and psychology finance
- Data Science, which is a combination of IT and Statistics
- Digital Marketing
- Sports Technology and Science
- Any combination really... the possibilities are endless.
My advice to you:
Take inventory of what interests you, what your strengths are and move into an emerging market where you can take a sizable market share to provide the most amount of value. You will be surprised as to what you can accomplish if you create a business with an unusual combination of skills and areas.