There’s an old saying: The Stone Age didn’t end because we ran out of stones.
No, the Stone Age was ended by the Bronze Age. And then the Iron Age, and then all the other ages that followed. But stones are as abundant as ever.
Ditto, a hundred years ago the automobile put the horse industry out of business. Except that it didn’t. Today, in the US, horses are a $3billion industry.
Horses are a thriving industry because they’re not trying to compete with Ford or Volkswagen. Instead, they went upstream, they catered to a niche- equestrian enthusiasts, ranchers, etc.
Similarly, if you’re opening up an ice cream shop, it’s really hard to compete with Blue Bell or Baskin Robbins. So what you do is go upstream, and offer magical, unique, premium expensive stuff that people are willing to line around the block for.
The alternative is bankruptcy. Of course, it is.
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