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%.
