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What Product/Service Do You Sell?

Name: What Product/Service Do You Sell?
Uploaded: 2022-01-16T20:51:12+00:00
Duration: 26 s
Channel: Shanli Liu, CPA, CTP
Description: In this segment of the YouTube video “What Product/Service Do You Sell?” Shanli Liu, CPA, CTP argues that startups should not chase being the first to…

16 Jan 2022 · 0 min

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In this segment of the YouTube video “What Product/Service Do You Sell?” Shanli Liu, CPA, CTP argues that startups should not chase being the first to market, especially when entering a completely new product category. She explains that being first requires not only selling a product but also educating buyers about a problem they may not yet recognize, a task that is especially hard for inexperienced founders. Additionally, she notes that early‑stage companies often lack the resources needed to execute such extensive buyer education, making the first‑to‑market strategy risky and inefficient.

Absolutely not necessary to be first to market. The reason that this is so difficult, and I don't advise anyone to try and be first to market, is that being first to market in a completely new subset, a completely new category, is a very difficult task for somebody who's never run a business before. Because what you have to do is you don't just educate the buyer on your product, you educate the buyer on the problem that causes them to even buy the product. And a lot of people don't know how to do that in an effective way. You also don't have the resources most of the time.