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(1) Go after a different sales or delivery channel -- Example: Amazon.

(1) Go after a different sales or delivery channel -- Example:, which back in the day was a small upstart that ate the lunch of larger established brick and mortar bookstores, by owning that new channel called the Web. (Today the new channel you'd go after would be mobile.)

(2) Provide a premium product or service -- Example: Starbucks, which managed to take an otherwise ordinary product and get the public to pay a lot of money for it, through providing more of a European style gourmet coffee experience versus that standard ordinary "cup of joe." (Today the coffee industry is saturated, but you could find an equally ordinary industry and take it upscale.)

(3) Specialize in one product line or "theme" -- Example:, which focuses just on items for hobbies. It provides a far wider selection that most general brick and mortar stores. General stores like Walmart or KMart might have just a few feet of shelf space devoted to hobby items. (Today you'd pick a theme or a product and check the Web to see if there is already a niche play -- and if not, start your own. Check out the Internet Retailer 500 list for loads of examples - link below.)

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