“Everyone is glued to their phones these days.” We’ve all heard that dozens of times, yet it is more true than ever. Smartphones are a big part of our lives, and we now have the ability to shop online from anywhere at any time. Technology creates massive business opportunities, and entrepreneurs will always take advantage of it. In the ecommerce space, there are now thousands of mobile shopping apps available for download. As an entrepreneur, you’ll find many people recommending that every online business should have its own app. So, should you jump on the bandwagon, or would creating a mobile app be nothing more than a huge waste of time and money?
Continue readingMonth: September 2022
How many competitors do you think you have? Are you sure your environment isn’t more competitive than that? It is easy to underestimate how many competitors a company has. While finding out about direct competitors is easy, the threat of indirect competitors (or threat of substitutes) can be more difficult to evaluate. Ultimately, when does this competition matter, and when is it less of a problem? Let’s find out!
Continue readingEven with a great idea in mind, starting a business is tough. It may require resources, knowledge, capital, and even a permit or license – and existing competitors won’t make your life any easier. Entrepreneurship is an exciting adventure, and we are all attracted by potential profit. But aspiring entrepreneurs must consider how tough the barriers to entry are to see if entering a market is technically possible.
Even when it is technically possible, entering a new market does not guarantee success. That is why I like to differentiate the two types of barriers to entry: those that prevent access to a market and those that prevent new entrants from having a fighting chance at making a profit.
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