Industry Understanding - Competition - Learning Curve
The learning curve refers to the speed of learning something new.
What you know today, your interests, commitment and availability of resources to learn new things has influence on learning curve.
As a novice entrepreneur, you may not start at the same point in the learning curve as an established company - due to their past operations, they've moved up the learning curve through trial and error, research, lessons learned etc.
To minimize the gap between your knowledge and your your competitors' knowledge, pursue entrepreneurial ideas in new industries and seek new markets.
What you know today, your interests, commitment and availability of resources to learn new things has influence on learning curve.
As a novice entrepreneur, you may not start at the same point in the learning curve as an established company - due to their past operations, they've moved up the learning curve through trial and error, research, lessons learned etc.
To minimize the gap between your knowledge and your your competitors' knowledge, pursue entrepreneurial ideas in new industries and seek new markets.
This blog post is based on my learnings from the course on ‘entrepreneurship’ offered by Maryland Technology Enterprise Institute, University of Maryland through Coursera (2014).
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