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Element 2. Explainable Uniqueness > Where to Find This Answer

Where to Find This Answer

This element is easy to miscalculate. Too often an idea will come to mind and no competition will be known, evident or acknowledged. However, upon discreet inquiry among knowledgeable sources you will see the substitutes and competitors bloom. You may be afraid to ask questions for fear that you could lead someone else to reach the same conclusions about the opportunity as you have. Trust, however, that your investors and their agents will all inquire about substitutes and competition. It pays to be informed about them.

Discovering competition often requires contacting sources who have no interest in competing, but whom you can trust and who are knowledgeable about the subject. Bear in mind that if you can both trust them and learn about the competition from them, they are likely to be among the best candidates for populating the venture either as members of the management team or on one of the boards. You must not and cannot keep your idea under a teacup.


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