Just because it’s useful, needed or worthwhile doesn’t mean it’s a good business.

E-bikes are transforming cities and offering mobility to those who previously couldn’t afford it.

But they’re a commodity, and it’s difficult to make a significant profit producing them.

A good business meets a demand, but it also has scarcity, network effects and market insulation.

[Unrelated from yesterday… a lovely post from my publisher, along with a simple online raffle and, coincidentally, This is Strategy on the Kindle for four bucks for the next day or two.]