Ken Kurson is a digital media entrepreneur who has been recognized for his hard work ethic and the value he provides to his media properties’ consumers. Hard work is a very important ploy to use in order to achieve impressive results. For anyone starting a business of any size, you need to not only have passion and confidence in the value of your product or service; but you also need to be willing to work as aggressively yet tactfully as possible to accomplish results on your business’ behalf.
With so many businesses emerging daily and regularly worldwide, this is a competitive business environment. And as such, you need to make sure your business has unique and distinct features in more ways than none in order to capture market-share away from your competitors. This has been a tactic and strategy employed by some of the most successful entrepreneurs of a generation. Leaders and titans of industry have been able to accomplish so much in the way of creativity and innovation, and used that as a building block for success.
Ken Kurson has written extensively of the importance of challenging the status quo no matter the industry one might be operating in. And this is a principal that many entrepreneurs should take to heart no matter the service offering they may be providing their clients and consumers. If you challenge the status quo effectively, success will undoubtedly follow you like a shadow. This is a principle that has much merit to it , as indicated by the fact that so many successful entrepreneurs are folks who created business models that challenged the norms and conformity of their respective industries.
When you look at the way the hospitality industry works for instance. Or the gaming industry for example. These industries weren’t normally viewed as one and the same. Few visionaries had the foresight that titans like Steve Wynn had in forging together the two aspects to create consolidated facilities that had a casino and hotel component. Add to that a convention center; and you have an opportunity for generating revenue from three different streams.
In the hospitality industry especially in Las Vegas for this reason, this model has worked very efficiently. Companies are able to use their resorts for the purpose of diversifying the traditional model. According to Ken Kurson who prides himself on diversification, this is a prime example of a business where conformity was challenged, which translated into success and prosperity. This ultimate equation is one that is being replicated across many different industries. The hospitality/casino and gaming industry is just one example of many others.
When you consider the hospitality industry, the level of success that companies have had who have pursued this diversification model has been tremendous. The reason is that they have maximized the opportunity of their space in the most myriad of ways imaginable. They are using their space for purposes of convention centers, which allows them to generate revenue by renting out space for the purpose of hosting events and the like.
On the hotel side, they are able to continue generating monies by renting out rooms to their guests. The hotel side also includes an entertainment component, that ensures that hotel guests stay within the facility and are therefore more inclined to use the casino component of their spaces. This is an integral part of the equation, as it incentivizes guests to stay on premises for the duration of their stay.
Beyond that, many of these companies have ensured that the hotel facility is a venue that has many different facets of entertainment incorporated into it. This includes restaurants; bars; and the like. For the casino aspect, this is known to be the single biggest profit generator for these facilities, and for good reason. We all know what the reasons and logic of this are. For example, in Macau there has been a sea of casino based resorts that have been developed in recent years. This is in some ways a direct response to the asian culture which prizes entertainment. In that culture, gaming is viewed as a form of entertainment. The industry has done a good job of identifying their consumers, and responding by developing resorts that have features meant to reflect their consumers’ interests.