Three basic CHECK POINTS for entering into any business is Need, Time and Money. The Money or the Capital is the basic requirement for getting into a business and second is Need (Market Demand) for the product or service and the third most important that many companies fail to pay attention is the TIME. Most often Time of entry is not given enough attention or there is ignorance among the entrepreneurs to focus on this area.

Broad classification of the time of entry strategies involve

First Mover

A firm which takes the initial competitive action to enter into the market to do a business in the geographic zone or in delivering a product or a service is called a first mover. The benefits enjoyed by the first mover are called first mover advantage. The firm can earn better revenue margins and earn the customer loyalty in a shorter span of time, but there are higher risks involved with new technology and new market. [Read more...]