The probability of successfully starting a new business venture is less than fifteen percent…but you can dramatically increase your odds of success by first understand the problems facing new ventures and by secondly taking the steps outlined below to put the odds in you favor.
Why are there staggering odds against these entrepreneurs? The simple answer is two-fold.
First, there are already too many look-a-like products and me-to services being offered in today’s marketplace. The choices are overwhelming. Nearly 300 different pairs of sneakers, twenty-six types of Colgate Toothpaste, 70 different types of Levi’s Jeans and over 40,000 products in our supermarkets.
It’s not just an abundance of products. There were more financial transactions in a single day in 2005 than in all of 1965. Consumers are overwhelmed with the incredible number of choices…most of which are boring look-a-likes.
The overwhelming number of choices has created our second problem: marketing message clutter. Consumers are bombarded with over 4,000 marketing messages each day. And yet, according to the American Association of Advertising Agencies, the average person can only absorb less than 100 messages per day. Consumers, responding to this overwhelming clutter, have established mental barriers to keep marketing messages from cluttering their minds.
How can entrepreneurs succeed in this cluttered marketplace that gets more cluttered every day? By providing a unique product offering or customer experience that is dramatically different than what already exists.
If you can find a solution to this differentiation challenge, your odds of success will increase from 15% to over 50%…putting the odds in your favor!