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It's far safer to make a product for a market that you know exists, rather than build a product and try to find a market. You differentiate yourself by providin
by joshvm 9y ago
It's far safer to make a product for a market that you know exists, rather than build a product and try to find a market. You differentiate yourself by providing more value than your competitors, whether it's a novel feature, better service, etc. There is obviously an element of risk/reward - if you go for a potentially unknown market, e.g. you have a cool idea and think people will buy it, then you could make a much better return as the only player. Or you find out that there's no market and you crash and burn.
- greenyoda 9y ago"if you go for a potentially unknown market, e.g. you have a cool idea and think people will buy it, then you could make a much better return as the only player" But not necessarily for long. If others see that there's money to be made in that market, you'll soon have competitors, some of which may be much bigger companies that have a lot more resources than you have. Being first to market doesn't assure that you'll dominate the market forever.
- deleted 9y ago[deleted]