MBA865 Starting a Business in a Crowded Marketplace
Have a great business idea, but afraid there’s too much competition? Well, we’ve got great news: there’s no such thing! Contrary to popular belief, it’s actually easier to compete in a crowded marketplace than it is to be first. Creating demand for a kind of product that doesn’t exist is an uphill battle, to say the least. Having a customer base that’s already seeking solutions— that’s an advantage! Today, we discuss how businesses have earned incredible success by “niching down.” They didn’t have to invent the wheel. They just had to make a wheel that an underserved segment of the market needed! Rather than looking for the golden product idea, they did something smarter: found out what was missing from the existing options. We discuss how to identify that need, and how to position your business as the solution. Click play!