BARRIERS TO ENTRY

Assuming you have made a great and innovative product, the biggest hurdle that one faces is not necessarily market acceptance. If you have done your homework, your product should already be targeted appropriately to an audience that will embrace it proportionate to it. I don’t believe in the least viable product, but in the least viable audience. Due diligence dictates that this be understood in the creation of a product. One does not become Coca-Cola overnight.

Instead, what is usually the gate-keeper is the existing market competition, and by extension, those who profit from it. Creating a new product is risky. For example, why would a real estate entity gamble on your innovation by giving prime location when they already know what is tried-and-tested to be profitable? You may have made the greatest thing to hit the retail market, but is it more reliable than a 7/11?

There is no easy solution to this. The only thing you can do is to fight this idea and prove to the large corporations that your product is something that can and will work. Nobody knows this for sure, no matter how much market research you do, but you must believe it, existing paradigms be damned. After all, how is anyone else supposed to believe in you or your product if you don’t believe in it?

Even 7/11 started out as a corner store. Follow your instincts, make your gamble, and it will potentially pay off. But only if you believe it. A half-hearted approach will result in a half-hearted return.