Entrepreneurs who don’t have competition should be wary. Rather than being a strength, a lack of competition in your market can be indicative of a serious weakness. I should know: My business lacked competition for years, and it was a major problem. Looking back, I’m embarrassed by how I gleefully proclaimed our lack of competition to potential partners and investors. What I didn’t realize at the time was that there are only a handful of reasons as to why a business might not have competition, and none of them are good.
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