Many budding entrepreneurs base their business strategies on the premise that, “The market it worth gazillions and all I need is 1% of that to have a viable business.”
If only it were so simple.
Most businesses will fail with this approach. Markets are built by people who have worked hard for each percentage that they hold. They do not give up percentages without a fight.
If it was easy, there would already be five other businesses grabbing their 1%.
Existing players have lots of experience operating in their market. A new business will take months and years to get to know customer needs and supplier capabilities in the same way.
Thinking about taking 1% of the market is not strategic.
What is strategic is deciding why and how you will get your share of the market starting with the first 1%.