Defining The Market Is Not Enough; You Have To Prove You Can Penetrate It!! ─ Law #33

Some of the worst management fumbles happen when you are talking to upper management or investors. Along these lines is the manager who says, “If the market is X billion dollars, don’t you believe I can get 0.001 percent of it?” The answer should be no!

First, identify that there is a market need, then show that you have a product or service that will satisfy that need. Finally, convince the upper management or investors (and yourself) that you have a plan for effectively penetrating that market.

Some ways to show you can penetrate a market are: purchase orders, customer testimonials, good press, experienced employees, and perhaps the most effective approach, a well-defined structure for marketing and sales channels.