Get into business for the right reason.
There is a good and a bad reason to start a business. The good reason is to solve a problem that people have. Innovate and provide superior service. Offer something that no one else has offered before. The bad reason is to enter a very competitive market and compete on prices. No one wins that kind of war.
- Don’t create a business in a market that’s already very crowded.
The only way to survive in a crowded market is to compete with prices. And when you do that, you will not get the profit you expect.
- Forget about the competition and focus on your product.
Your goal is to innovate and win the hearts and minds of your customers.
- The only good reason to look at your competitors is to spot their weaknesses and use them to your advantage.
For example, if a competitor never answers emails, you can do better.
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