What Would You Advise a First Time Entrepreneur with No Competition?

Someone on Quora asked:

I have a business idea. No competition. Tiny start up costs and overheads. Decentralized commission based and social media driven sales strategy. A very strong value proposition and an absolutely incredible mark up. Any advice for a first time entrepreneur?

This was my response:

Research why you have no competition. It could very well be due to the fact that others have tried to break into the space you’re looking at, yet have failed to figure out how to monetize.

 

Originally posted on Quora.

Leonard Kim consults startups and writes books like The Etiquette of Social Media: How to Connect and Respond to Others in the World of Social Media

0 thoughts on “What Would You Advise a First Time Entrepreneur with No Competition?”

  1. All entrepreneurs have different challenges when beginning, their business, but I’m in a similar situation. Be mindful of growing faster than anticipated, where it may affect the quality of services or products you provide. My company is growing faster than I can keep up; I felt it necessary for business growth to signed local tour operator contacts, with two worldwide online travel services, which have expanded their services in the VI. I am growing faster then, anticipated, with a lack of upfront cash. I don’t want to take on a debt of a business loan. I need to organize, and then organize or perhaps take on a partner. It is a great place to be, but can be overwhelming if your ill prepared for a huge influx of business at one time.

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