Monopoly in business is termed when a certain company takes over every other company in the industry.
Business monopoly can be achieved through different types of efforts depending on the type of industries.
Some times it happens because of innovation but there could be other factors too.
For example: if you are about to start your business and want to sell your bus service then you can offer your customers various facilities like wifi, ac and comfortable seats. This will help you to get some customers as many customers will prefer to pay anything for the comfort and facilities.
If you want to create a Monopoly in your field of business then you have to give the exact thing the industry wants. In tough competition fields, a company needs to work on various factors.
These are the biggest factors for getting a Monopoly in your industry.
High Money Investment.
Company presence in online and offline.
Being up to date about your product on the internet and every featuring place is the best thing.
Industry research is the biggest factor.
The Internet has already raided the offline markets, In the 20th century you have to stay active on the internet hence you need to complete all of your internet profiles that includes your social media presence your online website, your business/promo videos and many more.