Competition Can Be Good
Are there other folks with the same good idea as you? Keep your eye open for potential competitors. Competition may or may not be a problem. Some products are so specialized or the customer base so small that there is only room for one or two players. On the other hand, if the potential customer base is big enough for multiple entrants into the market it is sometimes best to be second or even third into the market. This is one of the many pieces of wisdom that the late Peter Drucker left us. Let the other guys educate the market about the product. Let them spend the money to build a buzz about the product before you jump in and take advantage of the customer awareness they have created. Educating customers about a new product can be quite expensive. Also, the first to offer a new product or service often makes mistakes in a new market that you can learn from. See what they have done wrong and then offer a better option to customers.
Photo by sanjoyg.
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