by MN Gordon
Short Circuited Feedback Loops
Finding and filling gaps in the market is one avenue for entrepreneurial success. Obviously, the first to tap into an unmet consumer demand can unlock massive profits. But unless there’s some comparative advantage, competition will quickly commoditize the market and profit margins will decline to just above breakeven.
Unfortunately, finding and filling gaps in the market is much easier said than done. Even the most successful serial entrepreneurs fail more than they succeed. What’s more, success in one endeavor doesn’t guarantee success in another.
Anyone who has ever developed and marketed a new product from concept through sale knows how difficult it is to achieve profitability. For every good idea there must be a hundred bad ones. Yet the only way to really know the (Read More....)
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