While being the first to enter an industry, being innovative, may help you create a great opportunity for yourself, it is not necessary for success.
You do not need to be number one to become number one!
Repeat that to yourself a few times. Why? Well, it is possible to take the world by storm if you improve on someone else’s product instead.
Most people assume they need the lowest prices, newest products, or sit on the edge of all the latest trends to get rich in business. That simply is not true.
Anyone who has studied business knows that there is a margin that all entrepreneurs hope to fall within. If prices are too low, your products will sell without much profit. If prices are too high, your sales will be hindered. This is why being second in the field is not a bad idea.
When you enter an existing market, you have had time to research the good and the bad. This gives you the opportunity to look at what your competition is doing wrong, and you can do it right. Furthermore, you can do it right at a sales price more suited to your quality.