Don’t Be A One-Trick Startup Pony

If your business is built this way, you may be a one-trick startup pony.

Photo by G Meyer

“We Have The Lowest Prices”

A race to the bottom is a horrible race to compete in, where even the winners lose. Whether you’re the lead of the race or just a competitor, everyone involved in a pricing war will slash their profit margins till they break even, or even worse, lose money.

“We’re First-To-Market”

If your business is truly first-to-market and makes a splash, get ready for a flood of competitors. First-to-market businesses only have a short amount of time before their success catches the attention of newcomers. Once competitors start flooding in, first-to-market businesses have to grasp as much market share as possible while responding to the efforts of their new competitors (thinking back to Uber and Lyft’s back and forth spar in its early years gives me a headache). Being first-to-market is incredibly stressful because of this dual responsibility. In the end, being first-to-market is short-lived, and your business has to shine for another reason.

“We Have The Most Products”

Building a business strictly under the value proposition of providing the most products under a product category or industry has no legs.

I create moneymaking brands with womxn entrepreneurs who refuse to settle for mediocre. www.ascent-strategy.com

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