Business Plan Mistake #6 – Inadequate Competitive Assessment

by Feb 15, 2010Strategy | Entrepreneurship

Many business owners make the mistake of viewing the world through their eyes instead of those of their customers. This leads to the next common business mistake

Business Mistake #6 – Inadequate Competitive Assessment

People buy products which address their needs, and long before you started your business, your prospective customer found a way to meet those needs. To attract the attention of a prospective customer, you have to identify from whom you are seeking attention.

Even unique and innovative products must deal with competing products or services that may or may not solve the same problem, but ultimately will compete for the end customer’s available resources.

Failing to take the time to understand how potential customers are solving their problems today will make it harder for you to convince them to switch to your solution in the future.

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