Time frame for opportunities
If you have a good idea and you think there is a good opportunity within the market place - how long have you got?
This clearly depends on many factors e.g.
how ready are your competition to produce something similar
How long is it until someone produces something better - and replaces your product from the market
how robust are the barriers that you can put in place to slow others down
Possibly the question should be rephrased. Can you research the factors that will determine the time frame you will be allowed for a product? If so - how accurate are the results?
If you are preparing for entry into the market - do you have plans for exit as well?
This clearly depends on many factors e.g.
how ready are your competition to produce something similar
How long is it until someone produces something better - and replaces your product from the market
how robust are the barriers that you can put in place to slow others down
Possibly the question should be rephrased. Can you research the factors that will determine the time frame you will be allowed for a product? If so - how accurate are the results?
If you are preparing for entry into the market - do you have plans for exit as well?
1 Comments:
Me thinks time can be critical. My father was an inventor, one of his inventions did get to market and it was timely (ie no one else had anything to compete).
You may want to think about this though. Having something innovative is not always good. You may be ahead of the market and your customers are just not ready yet.
Another approach is to explore peoples habits or the way they do business. Often times, the timely opportunity will present itself.
A business plan is important, because it provides structure and goals. Experience does seem to show that whatever has been planned will need to be evaluated fairly frequently. Your market will often vote whether your plan is working or not..
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