Case Study: Your Competition - Idea Box
Competition is a form of validation.
Average Entrepreneurs become discouraged when there is competition for their new ideas. In this case study, the idea is a digitally enhanced idea box to improve employee engagement and satisfaction.
But finding no competition is a bad sign. Finding none should cause a full stop.
Identifying the right kind of competition is key to proving your idea.
In bringing any new product to market, you must be much better than the competition. Not a little bit better. I aim for 3 to 10 times better. That’s a high bar.
Average Entrepreneurs often think of direct competition from another company or person that offers a similar service. That’s one form and it’s worth watching.
But a better kind of competition is identifying their current existing alternative.
What is an existing alternative?
