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Chapter 4. Identifying and Satisfying Re... > Offering Better Alternatives Than th...

Offering Better Alternatives Than the Competition

The next step in the process of introducing a new product or service is to make sure that no one else has a better alternative than the one that you have developed. Without a better solution than others are offering, you will find it hard to make sales in a competitive market place. As a result, success will not be forthcoming.

Developing a better solution than that offered by competitors is harder than it looks for two reasons. Entrepreneurs often convince themselves that their solutions are better their competitors’ when, in fact, that might not be the case. Why? Entrepreneurs need to be overoptimistic to motivate themselves to undertake the difficult process of founding a new firm. This overoptimism makes it difficult for them to look realistically at their own products and services. For this reason, you need to be very careful not to delude yourself when you introduce a new product or service. Rather, you need to engage in a fair and sober evaluation of the strengths and weaknesses of your solution to customer needs to make sure that your solution is, in fact, better than competitors’ alternatives.


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