Economic storm?

Author

Steven Yen
March 12, 2024

The hottest ticket in town ain’t tickets to Taylor Swift’s Eras Tour anymore.  

Instead, thanks the AI revolution, everyone is vying to get their hands on Nvidia’s GPU chips, specifically designed for AI applications. 

Nvidia was founded in 1993 before the dot-com boom,  when the tech landscape was very different from today.

Hey it’s Steven. 

Running a small business through market shifts and changing business landscape can sometimes feel like steering a small shop through a massive thunderstorm.

To weather the storm, a small business can turn it’s size into its strength.

Swiftly changing direction with the shifting winds and currents.  

Exploring areas the larger ships can't reach.

Here are 5 lessons from Nvidia’s ship log that can help small business sail through uncharged waters.

1. Anticipate and Invest in Future Technologies

Just as a ship setting its sails to the wind can harness the power of nature to venture into new horizons, Nvidia's success is partly due to its early and significant investment in AI and deep learning technologies. 

Small businesses should keep an eye on technological trends and developments within their industry and consider how investing in these technologies could benefit their long-term growth.

2. Adapt to Market Demands

Traveling at sea means you never know how the weather will change from one moment to the next.

The rapid increase in demand for Nvidia's AI and computing solutions showcases the importance of being responsive and adaptable to market needs. 

Small businesses should be agile, ready to pivot their strategies, products, or services in response to changing consumer demands or technological advancements.

3. Focus on Innovation and Quality

Like a shipmaker innovating with cutting-edge sails to harness the wind more efficiently,

Nvidia's commitment to innovation and delivering high-quality products has helped it stay ahead of competitors. 

Small businesses should prioritize innovation and quality in their offerings, distinguishing themselves in crowded markets.

4. Emphasize Value Over Price

A ship builder can focus on building the cheapest ship, or a steady reliable ship. 

Nvidia has not competed on price; instead, it has focused on the value its technology brings to customers. 

Small businesses should consider how they can differentiate themselves by the value they offer, not just by being the cheapest option.

5. Build a Strong Brand Around Your Unique Selling Proposition (USP)

Nvidia has built a strong brand around its expertise in AI and graphics technology. 

Small businesses should identify their USP and build their brand messaging around it, ensuring they communicate their unique value effectively to their target audience.

At it’s core, Nvidia's story isn't just about how cool their technology is. 

It's really about how smart they were to see the future, quickly change when they needed to, and always try to offer something valuable. 

For entrepreneurs running their own small businesses, this means focusing on it’s ability to move fast.  

Keep coming up with new ideas, and really understand what your customers want.  

That’s how small businesses can keep staying ahead of the competitions and grow.