The common business mythology is that we should create a new product to tap a new market. Then somehow that all translates into becoming a multi-millionaire overnight. Bollocks.
Don’t do it.
Ignore any advisor who tells you to create a new market. Ignore almost all books on how to set up and grow a business.
The reasons are simple. First, you can’t sell something to a market that doesn’t exist – despite the potential. Second, new markets are unpredictable and organise themselves in ways that may not reward you and your efforts. Third, trying to convince your customers of the need for a new product or service is plain hard.
The old business saying is “Pioneers end up with arrows in their backs, the second generation break even and the third generation make a profit.” The moral of that is to not be the pioneer.
Seasoned entrepreneurs let others spend all their time, energy and capital creating a new market and then swoop in and reap the benefits.
If you want to make steady cash flow sell an existing product into an existing market – just compete with one of price, quality or service.
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