The Power of Expertise: Why ‘You Only Know What You Know’ Matters in Business
In the realm of business, the adage “you only know what you know” resonates profoundly, especially when venturing into new markets. For entrepreneurs, recognising the limits of their knowledge can be the key to success or the pathway to failure. This concept underlines the importance of involving experts in every step of a business venture, ensuring informed decisions that mitigate risks and maximise opportunities.
“If I had five minutes to chop down a tree, I’d spend the first three sharpening my axe.” – Abraham Lincoln
Understanding Market Entry
Data underscores the volatile nature of market entry: globally, around 50% of new businesses do not survive beyond five years, and the figures are even starker when considering international market entries, with failure rates climbing higher (Merillot). A study by McKinsey & Company highlighted that inadequate market understanding and poor execution strategies contribute to approximately 70% of these failures (McKinsey & Company).
Turning to the experts
While online resources might make us feel like experts in medicine, just think back to how many of us became lay virologists during covid—most of us recognise our limits and would shy away from undertaking DIY surgery. Similarly, the complexities of new market environments demand specialised knowledge that only seasoned professionals can provide. In business, as in healthcare, the stakes are high and the consequences of misjudgment can be critical. Leveraging professional guidance isn’t just an option, it’s essential for success, and more importantly its the low risk option.
Expert intervention can pivot a potential market failure into a success. For instance, data indicates that correct product adaptation and local consumer engagement are pivotal, contributing to over 40% of successful market entries (Business Money). Experts can provide valuable insights into local market dynamics, consumer behaviour, and regulatory landscapes, which are crucial for crafting resonant strategies.
Polaris Market Strategy stands at the forefront of market strategy and business consultancy. Our expertise is especially critical in helping businesses interpret complex market data, understand competitive landscapes, and execute effective entry strategies. By leveraging our services, businesses can significantly increase their probability of successful market entry and sustained growth.
Recognising the limits of your knowledge and when to seek expert advice can dramatically influence your business’s success trajectory. With Polaris Market Strategy as your partner, navigating the intricacies of new markets becomes a strategic endeavour rather than a daunting challenge. Reach out today to see how our insights and expertise can guide your next business venture towards lasting success.
