Create barriers to entry to protect your business from competitors

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In this video tutorial I discuss how to create barriers to entry for your business. Doing this will help to defend your company from many types of competitors.

Every business needs to have some ways to defend itself from competition. Sometimes those ways are legal strategies like creating patents or trademarks. Sometimes the defensive strategies are “built into” the business. I give an example of this in the video when I discuss Facebook.

Consider Facebook’s defensive strategy, and how effective it is. Every teenager in the world dreams of building a social networking website, right? Well, if not every teenager, then certainly many of them do. And many of them actually build those websites. In fact, many teams of professional software engineers build those websites. So why didn’t you ever hear of just about any of them? That is because they have no users. Facebook’s defensive strategy is that all the people are using their site, and if a new social networks pops up, there are no users on it, and it is nearly impossible to pull everyone’s friends from Facebook to the new social website, making the new social site much less useful, which ultimately causes it to die in anonymity.