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Friday, October 10, 2014

New Ideas and Not New by Marc Charles

7:33 AM

Hi Gang:

There's nothing new under the sun.

Do you believe this?

The iPhone appeared to be new when it first hit the streets. But the "essence" of the concept or idea was not new.

The concept of hydrogen powered cars is not new. The "essence" of the concept or idea has been around for a long, long time.

I don't have the time to write about this in a book now...but I will.

The concept of something being "new" appeals to most novice entrepreneurs. But having something "new" does not always mean it's good, needed or that it'll be profitable.

For example.......I've heard this more than a thousand times in my business career:

"There's nothing like this anywhere. There's NO competition"

No competition is great if you control the universe like drug, oil and transportation companies.

But for startup entrepreneurs no competition is bad, not good.

Whenever you have healthy, vibrant competition you have lots of MONEY sloshing around.

Whenever you enter a market with no competition, it usually means no market, demand or interest.

Granted, sometimes something that "appears" to be new hits the market and people buy into in droves. But believe me......this is rare....less than 1%.

My advice to entrepreneurs with no money or very little startup capital is to focus on markets with vibrant competition. You'll increase the probability of becoming successful and profitable.

Marc Charles

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