Not All Monopolies Are Bad

Are there virtuous monopolies? Yes. I’m am my wife’s only husband; I try hard not to abuse the position. The Rural Electrification Administration was beloved for bringing electricity to communities that a competitive market was never going to reach. Google is an important regulator of the internet, making it possible to find things easily, even if the process it uses to decide what’s worth finding allows no public comments. (Federal regulators are required to publish draft regulations and allow a period of public comment before implementing them. Google would be better if it did the same.)

“Sole Source” Thinking and Mr. Rogers

Abuse is what makes a monopoly bad. Being the sole source for anything gives us power, but is not evil. “Sole Source” is the idea that underlies Mr. Roger’s wonderful sentiment that every child is special. We all have a monopoly on being ourselves. Does our service add value to others and ourselves? That’s the opportunity we have to make a virtuous monopoly.

Every business should aspire to become a virtuous monopoly. Competition kills profits. If I had more than one wife, their profit from being married to me would be greatly diminished, and it may not be much to begin with – I’m the wrong person to ask.

Your Competition Should Inspire You

Don’t obsess about what your competition does. Use it for inspiration, like a young guitar player with their first musical crush. Imitate what’s good, and then innovate for your audience. Work to become a virtuous monopoly – sole source for a product or service some people love, and you love them back by not abusing the power your monopoly gives you.

Enjoy some Fred Roger’s greatest hits. The bit about silence and lack of wonder at their start of the video is awesome.