When it comes to staying ahead in any marketing scenario, many concepts and strategies come to mind. 

As an entrepreneur or a business owner, knowing how to navigate your way to the top in an already saturated and over-competitive market becomes the greatest advantage that will make the difference in the long run.

However,  there is a business model that is hardly spoken about.  Although,  it’s not a novel approach, when fully and effectively implemented will give you a lasting edge over your competitors in the market.  

The good news is that this business model is more suitable for startups and SMEs.  These set of businesses and entrepreneurs must seek ways to not just enter the market, but dominate the market that is already dominated by the whales and sharks. 

This is where disruptive entrepreneurship or innovation comes into play. And those who have mastered the act of disruption in their various markets become the winner of the day.

This article talks about disruption entrepreneurship, the misconceptions, and more.

What is disruptive entrepreneurship 

The word disruption tells of a process where a small or medium-scale entrepreneur with little resources can dominate and challenge successfully an already established and well-placed business.  

This usually happens as the incumbent or established business is poised to improve and perfect its services or products for its most assuring and most profitable customers. During this time, they unknowingly exceed the needs of their other customers and ignore their need for an affordable yet modest product or service.

When this happens,  a smaller business can take advantage of this loophole or gap and launch its products and services to target the low-end customer while it perfects its product or services for the larger market. 

How disruption takes place

Disruptive innovation or entrepreneurship takes place in low-end or new market foothold.

Businesses that prove disruptive start by adequately monitoring and looking out for those underserved segments or consumers in any business scenario and seeking to establish a foothold by delivering them more suitable products or services that meet their needs at a reduced price.

Over time these businesses improve their products and services to better serve a larger segment beyond the underserved. Gradually,  it gained a foothold in the larger consumer market by offering a better service at a cheaper rate than its dominant competitors.  When they have succeeded in becoming dominant as a result of this strategy, it’s safe to say that disruption has taken place.

A vivid example of this type of disruption is typical of Richard Brandson of the Virgin group.

For example,  he saw that the Aviation market was undeserving of its consumers, and launched Virgin Atlantic, which is a flight across the Atlantic Ocean. Though he was competing against the financial and established might of British airlines,  he was able to gradually scale up to scoop most of their customers and before they could realize it, he had already become a force to reckon with in the aviation market 

Also, disruption can be seen on the other hand as follows: when a business turns a large segment of non-consumers into consumers of a particular product and service.  

A good example was when Ford introduced the assembly line of batch production for his Model T car. This innovation gave rise to a large segment of people who had never driven a car to become consumers because it was cheap, novel, and innovative.

Pros of disruptive entrepreneurship 

1. Innovation

When it comes to disruptive entrepreneurship,  innovation is a the core of it. To be able to sway and convert the larger segment of consumers, businesses must be able to come up with something better and yet cheaper than their established competitors. 

2. Disruption 

The term disruption has often been seen as a negation.  However, in this context,  it’s on a positive note. Disruption in the sense that it fosters competition and shakes the status quo

3. New growth opportunity 

A business employing disruption as a business model is poised to grow massively both in management and revenue 

3. Increase brand loyalty

Disruptive businesses tend to have more loyal consumers because they appeal not just to their immediate satisfaction but also to their emotions.  This is what has made Apple stand out over time. To many customers, Apple Inc. is a cause to live for

Cons of disruptive entrepreneurship 

1. Risk

Disruptive innovation is risky as it may not always be successful in the long run. A business might succeed in disrupting a sector,  however, it may not turn out to be a success. This is because they may not have the managerial expertise in place and this may cause dysfunctional decision systems to be implemented which may harm the company. 

2. Disruption takes time and patience 

It’s not just as it seems.  Disruption is daunting and sometimes it may take years for the the mission to be accomplished 

Misconception about disruption 

The term disruption has often been mixed with any breakthrough that changes any market competitive pattern, and oftentimes, this is not the case. By the rule of thumb, every breakthrough in the market is not a disruption,  and all disruption does not also characterize a breakthrough. 

And so it is important businesses know what a business or innovative breakthrough is and what a disruption is, so that one may not be mistaken for another in any business scenario.

For example,  it has been widely accepted that Uber disrupted the cab market. But looking at the two criteria that demonstrate a disruption,  Uber does not fall into any of that category.  First, Uber never aimed to compete with any established cab company that has ignored a segment of their customers. Secondly, Uber did not in any way turn large segments of non-consumers into consumers. 

Therefore in light of this prevailing fact, one can conclude that Uber is not a disruptive business or innovation. 

Conclusion 

Disruption is a process and not an end as many suppose.  The idea of disruptive innovation can be a tool for challenging the status quo causing a major shift in consumer appreciation and also fostering growth in that sector. And for the most part, the startups and SMEs are the major benefactors. 

Do you want to earn money from the comfort of your home doing simple tasks and still have enough time for other engagements? If you also like assisting others and are a responsible and organized person, then you should consider becoming a virtual assistant. 

Numerous benefits come with working as a virtual assistant, including a flexible schedule, the option to choose your services, and endless income potential.

There are drawbacks also, including the need to continually locate customers and the requirement to be motivated and determined enough to succeed.

Knowing both the pros and cons of being a virtual assistant will help you make an educated selection when deciding whether to venture into the business or not. You may more effectively determine whether being a virtual assistant is the perfect career for you if you are aware of both the benefits and drawbacks of the position.

The pros of becoming a virtual assistant

There are unquestionably many benefits to working as a virtual assistant. They include: 

1. You work for yourself

Running your own virtual assistant business gives you complete control, which is its biggest feature. You are no longer concerned with pleasing management or pandering to a boss. You are in command when you operate as a virtual assistant.

You can have the day off whenever you feel, decide not to work with a customer if they are being too rude, and choose to skip a task if you don’t want to do it. It’s up to you to decide if you want to stop working with a problematic customer or change your service offerings to better fit what you like doing.

As a virtual assistant, your job is to provide specific assistance to company owners and entrepreneurs who need it. To lessen their workload, you’ll provide specialized services rather than a range of haphazard tasks. In this manner, you get to do what you love while your customers are reassured that their vital chores are being handled by an expert.

2. You can work remotely

Wouldn’t it be wonderful if you could just wake up in the morning, take a cup of coffee, eat breakfast and go to the office without having to leave the house? Becoming a virtual assistant means you are not required to leave the house in the early hours of the day and wait in traffic for your daily commute. 

The freedom that comes with working as a virtual assistant is fantastic since you don’t need to be seated in a home office to do your tasks. You may work as a virtual assistant from almost anywhere as long as you have a laptop and internet connectivity.

This benefit is enormous. You may earn money whether you’re on the road or at home with your family, which means that you no longer need to spend money on things like petrol, good clothing, and frequent meals out. This is a tremendous plus for a working parent.

3. You get to pick the services you provide

As a virtual assistant, you may decide precisely what services you wish to provide. It’s more flexible than the majority of other well-known freelance occupations, like writing or editing.

There is no end to the services you may provide as a virtual assistant to your customers. Popular duties include graphic design, social media management, and content development in addition to proofreading.

There’s no way a virtual assistant could provide all of these features. In actuality, refraining is preferable. An excellent strategy to get customers that want you to specialize in something they need is to narrow your focus. When you do this, you can decide precisely what you want to accomplish and present it to prospective customers in a way that is appealing and convincing.

To make money as a virtual assistant, just concentrate on a few essential things that you like and are skilled at providing. Identify the jobs that your customers want assistance with, then decide which ones you like the most. This empowers you to leave the never-ending cycle of menial chores behind and pursue your passions.

4. Your earning potential is limitless

When it comes to how much money you can earn, the sky is the limit. This is a significant benefit of becoming a virtual assistant. You are free to choose your pricing structure and work with customers who are prepared to compensate you fairly.

There is no longer a fixed hourly or annual compensation. Now, the amount of labour you do directly affects how much money you make. In other words, you earn more money the more you labour.

However, this does not imply that you must labour nonstop to earn a living income. In reality, it often entails doing much less while earning much more money.

Many of the top virtual assistants find ways to simplify their operations over time to provide the same high-quality service to their customers quickly and effectively. As a result, offering routine services is simpler and requires less time and effort.

Many virtual assistants work from home and earn six figures a year. This is reality; it is not an oddity. Working from home has several benefits, including this.

You’ll be able to work more quickly and efficiently while also increasing your charges as your business grows. This income potential exceeds anything you could ever expect from a 9 to 5 job.

5. Startup capital is low

To begin working as a virtual assistant, you don’t need a lot of costly or ostentatious equipment or software. All you’ll need is a reliable computer and an Internet connection.

Depending on the services you want to provide, you may find it helpful to make various tool investments over time. For instance, you could want to invest in a subscription to a scheduling service if you provide social media management services. Or a good graphic design software if you specialize in graphic designing. 

But none of this is required, particularly at the beginning. Spend some time concentrating on locating customers and deciding how you want to set up your business. When you start to make money, you may put part of it into improving the productivity of your company.

The cons of being a virtual assistant 

Being a virtual assistant isn’t for everyone, just like any other employment. Before you begin, it’s critical to be aware of the drawbacks of working as a virtual assistant.

1. You must work hard to find clients

Finding the first paying clients is the most difficult aspect of launching a business. Like many other careers, working as a virtual assistant is true in this regard.

Finding your initial customers as a virtual assistant will need a lot of effort, particularly if you lack client references and a well-established portfolio.

Unfortunately, even when you’ve made a name for yourself as a pro, the need for that hustle never truly goes away. You’ll need to keep contacting and pitching potential customers. After all, you cannot earn money if you do not work.

This is not to imply that it’s impossible; after all, even the most successful virtual assistants have to struggle to attract customers. Every virtual assistant starts someplace. Still, you should bear in mind that this career may be stressful due to the ongoing search for employment.

2. There are many distractions while working from home

For many individuals, working from home is a dream come true, while for others it is challenging.

It’s excellent that you want to work from home so you can spend the day with your children. This is one of the best careers for mothers, in my opinion. But it’s never simple working from home when you have kids. As you strive to strike a balance between job and childcare responsibilities, you’ll experience a continual demand for your time and attention.

When you are aware that a click away can take you to your favourite Netflix program, working may also be quite challenging. You might be tempted to check how your plants are doing several times a day, or maybe you want to go out to lunch with a friend.

Working from home is particularly challenging if you have close friends and relatives who don’t fully get what you do. They probably won’t comprehend why you now have to work during these hours if you’ve always been accessible for daytime hangouts.

It’s not always simple to muster the willpower to ignore these interruptions and give your task your full attention when you have the opportunity, but doing so is crucial for success.

3. It might feel lonely at times

You could find it challenging to get acclimated to working as a virtual assistant if you’re used to the camaraderie that comes with working in an office and having colleagues.

For extroverts who need daily social engagement, this kind of work is sometimes the toughest. If you are a people person and long for interpersonal connection, this may be a significant adjustment and is one that merits serious thought.

Even if you anticipate difficulty, you shouldn’t completely shun this field of business. You may just need to find more inventive methods to engage in social contact. This can include spending a couple of hours doing a part-time job or signing up for a workout class with a friend. You may even spend a few hours each week volunteering.

Consider unconventional approaches and see if you can get crucial human contact in other ways.

4. Operating a business involves many difficult aspects

You will be an actual company owner as a freelance virtual assistant. As a result, you will have to deal with routine accounting duties like billing customers and paying taxes.

Additionally, you must keep track of all project management activities, particularly if you are juggling many clients and deadlines.

You must make sure your bookkeeping is organized. It can take some getting used to if this is something you’re not accustomed to.

If you’re not well-organized, things might soon go south. Fortunately, you may utilize software tools and applications, particularly for the project management component of your organization. Still, if it’s not something you naturally do, you can regard this as a disadvantage.

Conclusion

Being a virtual assistant has more benefits than drawbacks. Like every career, it will have its drawbacks, but it is still considered one of the best work-from-home possibilities available. So if you’re truly interested in working from the comfort of your home, becoming a virtual assistant is a possibility that you should strongly consider.