In this episode, we discuss the importance of being cautious when starting a new business, especially when facing competition that is too dominant. Hindsight is always 20/20, and it's crucial to consider the strength of the major player in the market before proceeding. If the market leader has more than 25 or 30 percent of the market, the chances of survival for newcomers dramatically decrease. It's likely that you will either run out of money trying to outspend the big-hitter or lose the motivation to keep battling. Even under optimum conditions, success will be an uphill fight.
To avoid getting stuck in quicksand when starting a business, there are two key factors to consider. First, determine whether you are looking for a job or seeking to create wealth by building an organization that functions successfully without you. This will impact your approach and goals for the business. Secondly, it's important to know the other players in the market. If one or more competitors are too dominant, it's advisable to proceed with caution and carefully evaluate your options.
