• The competition
Competition is the non-enabling environment preventing your new business from getting a foothold in a particular territory or sector of activity.
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Three (3) cases of competition which can kill an online business are:
Reason #58: Ignoring or Underestimating the Competition
Millions of Home businesses are out there competing against each other. And many more are created each day making the competition keener and keener. As an online business you are even competing with businesses outside your national borders.
Reason #59: Not Being Cost Competitive
Before starting your business, it would be worth your survival to try not only to get information about but also to understand the cost structure(s) and selling prices of your competitors.
Reason #60: Not Beating Too Much Competition
New online entrepreneurs make the mistake of selling the same products as everyone else and thus thrust themselves into a competition cyclone. But you don’t really have to plunge yourself into too much competition in the affiliate marketing field. You can identify sectors where there is even lack of competition.
The reason for finding your niche is to make money. Yet some online businesses blow this. I will show how in the next piece.
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Want to read the extended piece? Click here to 90 reasons why 90 percent of online businesses fail – Part V
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