5 Things To Consider When Launching a Startup in a Highly Competitive Environment No matter what niche you are entering, success is possible with the right strategy.
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Statistics suggest that most startups will fail, with some estimates reaching as high as 90% in the United States. As an entrepreneur, that stat can be frightening, particularly when entering a highly competitive market.
Today, the market is highly tech-driven, with the world's most valuable brands such as Apple, Amazon, Microsoft and Google topping the list. Yet while saturated, opportunities are still growing as more industries embrace digitization and automation. The current crisis has in many respects reduced barriers to digitization, and more companies actively turn to new IT solutions in response to changing patterns of employment and consumer behaviors. A competitive market, however, shouldn't put you off from entry.
With that in mind, here are the top five things to consider when launching a startup in a highly saturated and competitive environment.