When you're
starting a business with an exciting new idea, it's easy to dismiss potential
competitors as not being in the same space, or too fat, dumb, and happy to be concerned that you even exist.
"Sleeping giants do wake up," I always say, to remind new business owners that nobody cares what you do when you are not a threat, but when you get some real
traction with customers, competitors will come out of the woodwork with a vengeance.
Ask yourself these ten key questions and formulate concrete answers:
1. What "secret sauce" do you bring to the problem?A strong work ethic is great, but patents and intellectual property are critical. You need quantified value for customers to see, feel, and pay for. Fuzzy words like "improved usability," "paradigm shift," and "breakthrough technology" won't convince customers or deter competitors.
2. Have you lined up the stakeholders who drive success?Stakeholders are key people impacted, and leaders who influence key people. For example, early adopters may be easily sold online, but new technology product success really hinges on adoption by mass demographics, more likely associated with distributors and brand name retailers.
Read More →
