The Lone Ranger Is Dead; How Entrepreneurs Can Innovate
The product life cycle today is short–very short. Products can come and go in just two to three years, and this dramatic change presents both problems and opportunities for entrepreneurs. On one hand, entrepreneurs can’t afford to work alone and follow the normal two- to five-year process to get their product to market since in that time the market may pass them by. This means entrepreneurs can’t be independent, can’t control everything that happens with their product and may have just a few short years of successful selling.
The good news is that established marketers and manufacturers have an even harder time getting to market quickly, so nimble entrepreneurs can beat them to the punch. The big manufacturers are responding to this challenge by working with an increasing number of outside companies, including entrepreneurs, to keep on the leading edge of their markets. This also means that manufacturers, marketers, distributors and retailers are generally willing to help entrepreneurs. All you have to do is ask.
The simple fact is that teamwork equals success. In today’s crowded market, individual entrepreneurs have a hard time standing out and getting noticed. To build the necessary size and momentum, you need resources, and if you don’t have them, you must team up with someone who does–someone who has the money, the manufacturing prowess, or the distribution reach required to turn a new product into a success.