If you’re smart enough to spy a profitable business opportunity, you can bet competition isn’t far behind. Some barriers to entry–patented technology, a storied brand–are more fortified than others, but eventually someone will find a way to do what you do faster, cheaper and maybe even better. If not a direct competitor, then a substitute technology might take a chunk out of your hide. (Think what digital film did to Kodak.) The trick: building a loyal following before that happens.
Jun 12th, 2014
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