“If you're entering anything where there's an existing marketplace, against large, entrenched competitors, then your product or service needs to be much better than theirs. It can't be a little bit better, because then you put yourself in the shoes of the consumer... they ask, why would you buy it if you can choose a trusted brand unless there's a big difference? A lot of times, an entrepreneur will come up with something that's only slightly better. It can't be slightly better. It's got to be a lot better.”
— Elon Musk
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Simplified Meaning:
When you are selling something in a market that already has big, established companies, your product must be a lot better than what they offer. If it is only a little better, people will still choose the well-known brand. Your product must stand out clearly to convince people to switch from a brand they trust. Often, new business owners make something that's only a tiny bit better, but that is not enough. It needs to be much better for people to notice and want to buy it.
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Brand loyalty Business strategy Competition Competitive advantage Customer perception Disruptive innovation Entrepreneurship Innovation Market strategy Product developmentFEATURED QUOTES
