From the course: 20 Questions to Help You Start a Business

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Who are your competitors?

Who are your competitors?

From the course: 20 Questions to Help You Start a Business

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Who are your competitors?

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- Here's a question who's answer fools a lot of people into the exact opposite conclusion they should be making. The question is, who are your competitors? Here's the problem, most new entrepreneurs think that if the answer is there aren't any competitors, that this is good. Nothing could be further from the truth. You want competitors. Thinking the opposite could doom your efforts from the start. I'll explain, if there are no competitors, people tend to think, "Hey, that means I'll be the only one in the market, "I'll have it all to myself." This is the wrong way to look at it. If there are no competitors, then it's probably because there's no market. And if there's no market, it means that you'd have to create the market. That's a very costly and time consuming thing to do, if it can be done at all. You don't want to be the first to market something, there's too much risk. Yes, it seems cool to be the first…

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