Once you’ve understood all of this, you then start to think about your service proposition, in your Expert Niche. You give away your expertise as far as you possibly can. But at some point, you have to be able to make money out of doing this.
The expertise that I really care about, of course, is my immigration expertise. So my innovation expertise led to a business model in the expert niche that I discussed last time that we talked. Where effectively we share all our expertise and know-how, away with the people who would be …
The way that I began my career is by becoming an expert at my first major investment decision. About six years into my career took all the money that I made in the first six years and put it into the expert niche of the medical devices business.
The last time we met, I was talking about the connection economy, and how the world has changed as we move from an industrial era through to an era where we’re all connected. Next, I’m gonna talk about the Expert Niche.
Probably the worst news in the connection economy that you’ve heard is whether you like it or not, you’re going to be a publisher. In my head, I’m an immigration guy. I help people with their immigration problems. But, as a business, we’re a publishing company.
In the connection economy, Charlie Munger says the key to success is to do one thing and do it really, really well. Now, it just so happens, that I’m really, really good at Hong Kong immigration. So I asked you, what are you really good at? The one thing that …
So how do you do it? Well, we’re all human beings. I like to think that if I have a problem, I can go to somebody. The essence of me or the person will result in that person wanting to help me. This is a true definition of a connection …