Being First to Market

In the competitive world of technology, being first to market is a worthy leadership objective. Getting an early lead on competition is most often well rewarded and could lead to Entrepreneurial success.

Is being first to market something that Entrepreneurs should always strive for? Absolutely, but first ensure that your product or service is working properly and fairly reliable.

While waiting for perfection before launching your product or service is utopian, it is not a valid competitive strategy. Fulfilling a market need on a timely basis is optimal.

However, in rushing to the market merely to be first to fulfill a need could be disastrous if your product or service is not yet fully ready. One might be first to market, but the negative reputation from an unreliable, not fully tested  product or service is definitely more harmful.

Entrepreneurs would be well served to aim for launching a new product or service first, but only after fully ensuring that their credibility is not jeopardized due to a premature introduction. Test your product/service and be comfortable with its function and reliability before you go to market. You might not get a second chance or it might be too costly!

Ravi Patel

www.patelCFOservices.com

 

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