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Worst Advice For New Entrepreneurs Starting A Business 👩‍💻❌😭

Name: Worst Advice For New Entrepreneurs Starting A Business 👩💻❌😭
Uploaded: 2022-02-13T02:23:41+00:00
Duration: 21 s
Channel: Shanli Liu, CPA, CTP
Description: In this segment, the speaker identifies the most harmful piece of advice commonly given to aspiring entrepreneurs: to target markets with little or no…

13 Feb 2022 · 0 min

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In this segment, the speaker identifies the most harmful piece of advice commonly given to aspiring entrepreneurs: to target markets with little or no competition. He explains that a lack of competition often signals insufficient demand, meaning the market may not exist or consumers don’t want the product. Instead, he advises founders to study existing competitors, pinpoint where they fail to meet consumer needs, and then create a differentiated offering that fills those gaps. The overall message is to base market entry decisions on real consumer demand and competitive analysis rather than the myth of “first‑to‑market” advantage.

Worst advice I hear people give entrepreneurs who are looking to start a business. I hear this given a lot, which is you should enter a market with little to no competition. What that relates back to is that you're probably one of the first to market, or there's a reason that there's no market because people don't actually want it. What you want to do is look at your competitors, see where they're not keeping up with the consumer, and then how can you deliver the product or service differently.