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Want to Take on Long Odds? Try Introducing A New Product That's "Better" Than an Established Product!

small-business-blog-product_conceptWould-be entrepreneurs do it every day. They come up with a product concept that is "better" (and better is in quotes because often that is all relative) than an established product or brand already accepted and in use. And without deep pockets and lots of time, it becomes a Sisyphusian (big stone, steep hill) task.

This is often where entrepreneurs' passion (and ego) - their belief in their business concept and themselves is their undoing. In their passion, they fail to realize what it will take to unseat a competitive product; how they will convince customers that their "better" is worth changing for. Because the established product is filling the customer need or solving the customer problem today. Maybe not perfectly, but sufficiently. With their ego, they believe they have created a product that is inherently "better" than their competitors' because they are smarter and have developed features that are cooler or sexier. That may be true, but customers rarely give style points!

Even for a "better" product to succeed, not only must its value (price/performance) be significantly better than what's out there, but the entrepreneur has to have a plan and the capital to back it up to market and deliver it. Further, though, the competition isn't just going to sit back and watch. If any inroads are successful, they will mount a counter-attack (lower price, package differently, etc.), which only means more capital and more time required. And increasing odds for success.

So, what is an entrepreneur to do?

Don't do "better!" The capital requirements and time are too demanding and the chances for success too great for the entrepreneur. You want to introduce a new product? Find a pain point or customer need that's not being met today. Fill a niche not being served. Don't let your passion (belief in your concept) and your ego (I'm smarter than those guys) blind you. "Better" is a losing proposition. Find a way to do "new'...and "best!"

Master Yoda knows these things. His job it is. May success be with you!

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