Your share of the pie
In honor of Pi Day (3/14) and discussions I've had in recent days about IBM Notes and how it is slowly fading, I wanted to suggest a simple math point that businesses should keep in mind. That is the size of your slice of the pie in your chosen business area.
There is a tendency to chase the growing business areas, with the idea that it is easier to grow along with them. There is some truth to this, but as a small business owner, you may also find that bigger businesses start taking away from your share as the pickings become more lucrative.
On the other hand, if a business area is shrinking and others are abandoning it, you may be able to get a bigger slice of the business. As the image below shows (with the pie my wife bought me for Pi Day), a larger share of a smaller pie may be more business for you. In addition, your share may grow as the business area shrinks, since more and more are fleeing.
Obviously, 100% of nothing is nothing, so don't rely on a business area that is going away (e.g., buggy whips), but do pay attention to businesses that may shrink but will likely be around for a long time (e.g., print books). If you can get a big enough share of that pie, your business (and profits) might grow even though the whole pie is shrinking.