Seminar 3

Just a reminder that seminar 3 is this Thursday. I am working on mentors for those who wish to be paired with them.

Hopefully everyone has started researching market information as we talked about last Thursday. Another thing to think about and research is competition. We will talk more in depth about this during seminar three, but just to get you started...

There is direct competition and indirect competition. For example, if you were to open a movie theater. Direct competitors are other movie theaters. However, there are other ways people may wish to spend there evening rather than watching movies. They could go to the driving range, go carts, horse races, the list goes on. Those may not be the same business as yours, but they are an equally effective way to entertain one's self for an evening. So... you may be the only one with your product or service, but you will always have competitors.

This is important for raising capital. If you say there are no competitors in your field, you may want to rephrase that to there are no direct competitors in your field. If you simply say there are no competitors it tells the people you are making your pitch to that maybe you didn't do your homework well enough.

This is only one topic we will cover next seminar. I hope to see you there.