8 out of 10 entrepreneurs fail within the first 18 months According to Bloomberg, 8 out of 10 of new businesses fail within 18 months. According to Forbes, the second most common reason for failure is – ‘no real differentiation in the market’. The third most common reason is – ‘failure to communicate value propositions […]

8 out of 10 entrepreneurs fail within the first 18 months According to Bloomberg, 8 out of 10 of new businesses fail within 18 months. According to Forbes, the second most common reason for failure is – ‘no real differentiation in the market’. The third most common reason is – ‘failure to communicate value propositions in clear, concise and compelling fashion’. Differentiation from competitors is important for all businesses. The starting point for effective product differentiation is the customer – identifying the needs, wants, and expectations of the target market so that the VP, USP or SCA can directly address them. However, differentiation is not all about the customer. It also involves the competitor that the product is to be differentiated from. I agree with the Jeff Bezos who said that – ‘If you’re competitor-focused, you have to wait until there is a competitor doing something. Being customer-focused allows you to…