Why you must focus on a niche market
Apply the hedgehog strategy to your business and increase your sales
In his book Good to Great, Jim Collins, talks about the concept of the Hedgehog in relation to businesses. The origin of the concept is the Greek parable of the hedgehog and the fox, which shows that the winner is not always the biggest and strongest, but the one with a winning formula.
The story is about how the smart and agile fox decides to eat the hedgehog.
Day after day the fox uses his superior skills to sneak up on the hedgehog with the same result. Just when it looks like the fox is going to get him, the hedgehog rolls up into a little ball with his needles pointing straight out.
It doesn’t matter how much better the fox is at everything else, it can’t beat the hedgehog in this contest.
It is with the hedgehog strategy that the small, less resourced company or individual can outperform the bigger competitor.
Jim Collins defines the hedgehog concept with three essential ingredients:
1. A hedgehog must come from your passion, from something you want to give your energy to.
2. A hedgehog must drive the Economic Engine. In other words, it must be able to produce significant profit…
