Delaying your entry

There may be significant advantages in delaying your transition.  The decision to slow down or delay may come as a result of your business planning and might be a result of questions raised in planning your entry.  

Utilizing deliberate delays (say six months or a year) can give you more time to gather information (research customer demands), learn new skills (take a course), think about potential alternative ways to address a problem challenge and strengthen your position (pay off more personal debt). 

If your business plan identifies potential strategic risks that you can’t effectively manage, additional time can help clarify the likeliness of the scenario.  The business plan might not change, but a delay might allow you to wait until an economic situation or consumer trend develops or passes.  Additional time can also help you better understand the potential pay offs of a decision or investment.

Decisions to delay should be made with consideration of the impact on your market position.  Early adopters of technology or innovators of new products can find being first advantageous for capturing market share, margin and customer awareness.  At the same time, being a close follower can also be advantageous as you can learn from your competitor’s mistakes.  If you are planning on entering a crowded marketplace, timing may be less of a consideration as your advantages will likely be based on price, volume and efficiency.

Next page