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What makes a good entrepreneur?
It is a question that often gets asked, and there is a multitude of answers. It is desire and belief in your ability, to have the self-motivation to take chances and, most importantly, a willingness to learn and develop along the way.
There are lessons to be found everywhere within business and industry. You might listen to the advice of other successful individuals and work the same way they do, or you may look to an entire industry that is booming and see how it evolves and grows. One such industry well worth paying attention to is that of online gaming, otherwise known as iGaming, which includes online casinos, slot machines and the like.
The iGaming industry is growing at such a rapid rate that any budding entrepreneur can take value from studying it closely. According to Globe Newswire, the market was worth $50bn in 2019 but will grow to in excess of $100bn by 2026. A 100% uplift in the space of seven years is remarkable, and understanding how it has achieved this will help you get the most out of your idea or skillset.
So, with that in mind, here are three key lessons you can learn from the online gaming industry that might be applied to your own business.
Grow Customer Base
Every business and industry have an expected customer base, and the trick to finding real success is understanding how to grow yours. The online gaming industry does this really well, usually be diversification. Take online slots, for example. They may not appeal to everybody, especially not if they are the old-style melons, cherries and dollar signs. Now, imagine that those slots feature branding familiar or enjoyable to you – maybe your favorite TV show or something linked to your hobby. Would you be more likely to play? The answer is surely yes, which is why slots featuring game shows, TV shows and even celebrities can be found across many providers. This diversification can be seen across the iGaming industry, and entrepreneurs should bear it in mind within their own sector.
Changing technology is all around us, and the savvy business person is aware of it and willing to adapt quickly and effectively as trends change. This can be seen in the online gaming industry, which is increasingly embracing technology to remain one step ahead of its rivals. Over the last 15 months or so, casinos have been closed, and online providers have used the latest live technology to host their own game shows. The variety of casino games hosted on Gala Bingo offer a genuine game show experience, such as Adventures Beyond Wonderland and Dream Catcher, hosted by a real person and emulating the sort of experience you could once see on TV. Some providers have moved into Virtual Reality too, and Augmented Reality is another area likely to be explored – the same technology that brought you Pokémon Go. Whatever industry you are in, embracing technology early can make you remarkably successful indeed. Just ask Mark Zuckerberg, Bill Gates or Jeff Bezos.
Changing Market Forces
Markets change all the time, as does legislation, and the best entrepreneurs spot doors when they open, a long while before everyone rushes through them. Here in the US, gaming laws are slowly changing, state by state, to allow sportsbook and, significantly, online poker providers to offer services. It is a slow process, but the successful providers will know what is set to happen, which states are likely to implement change and where there might be a gap that quickly needs filling. That is the same for your chosen industry. Keep abreast of all the changes to legislation, the news and potential happenings within your sector, because a little knowledge can go a long way if you are able to react to changes before your competition even know it has happened.