I was watching MJ's video again about the cents commandments and entry has always been something I have been confused with.
I mean anyone can create anything and enter a market with the exception of monopolies in commodity businesses (electricity, gas, coal, steel, etc) Uber had a pretty big barrier with taxi legislation but most industries are just a matter of finding out information and getting started.
The first person to market is just the first one to be copied. iPhone 5s was probably the first phone to popularise fingerprint censors on premium phones but now sony and samsung both implemented that technology.
GoPro has been imitated by several competitors who I'm sure make decent revenue. I could go out tomorrow and hire an engineer, talk to a manufacturer and get a product rolling out.
The only barrier would be distribution. If you have a product in 45000 stores like GoPro you are going to end up with huge revenue even if you just average 5 sales per month per store at their price point.
For example, I have lived in 3 cities in europe and have visited 30 other cities in europe, everywhere I go I can find a frozen dr oetker ristorante pizza.
Is it the best pizza in the world ? no, its packaging is ok at best, I have never seen a marketing campaign from them yet they are in every corner of europe and Im sure they have sold billions in pizza just by being there in the freezer when people need it. Absolutely nothing proprietary about the product.
I can hire the best people in the world to work on design, marketing for a known successful product such as a smart tv or a drone but the difference between getting 1m vs 100m in revenue is getting in front of the right audience, getting worldwide distribution of a proven concept.
Could massive success as an entrepreneur be more attributed to having a gift of persuasion ? Not everyone can convince retailers and distributors take a chance on their product line and brand while there are many similar products on the market.
Apple could pretty much launch anything and It would be a success due to the massive distribution and brand loyalty they have built up over the years.
I mean anyone can create anything and enter a market with the exception of monopolies in commodity businesses (electricity, gas, coal, steel, etc) Uber had a pretty big barrier with taxi legislation but most industries are just a matter of finding out information and getting started.
The first person to market is just the first one to be copied. iPhone 5s was probably the first phone to popularise fingerprint censors on premium phones but now sony and samsung both implemented that technology.
GoPro has been imitated by several competitors who I'm sure make decent revenue. I could go out tomorrow and hire an engineer, talk to a manufacturer and get a product rolling out.
The only barrier would be distribution. If you have a product in 45000 stores like GoPro you are going to end up with huge revenue even if you just average 5 sales per month per store at their price point.
For example, I have lived in 3 cities in europe and have visited 30 other cities in europe, everywhere I go I can find a frozen dr oetker ristorante pizza.
Is it the best pizza in the world ? no, its packaging is ok at best, I have never seen a marketing campaign from them yet they are in every corner of europe and Im sure they have sold billions in pizza just by being there in the freezer when people need it. Absolutely nothing proprietary about the product.
I can hire the best people in the world to work on design, marketing for a known successful product such as a smart tv or a drone but the difference between getting 1m vs 100m in revenue is getting in front of the right audience, getting worldwide distribution of a proven concept.
Could massive success as an entrepreneur be more attributed to having a gift of persuasion ? Not everyone can convince retailers and distributors take a chance on their product line and brand while there are many similar products on the market.
Apple could pretty much launch anything and It would be a success due to the massive distribution and brand loyalty they have built up over the years.
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