“If you're entering anything where there's an existing marketplace, against large, entrenched competitors, then your product or service needs to be much better than theirs. It can't be a little bit better, because then you put yourself in the shoes of the consumer... they ask, why would you buy it if you can choose a trusted brand unless there's a big difference? A lot of times, an entrepreneur will come up with something that's only slightly better. It can't be slightly better. It's got to be a lot better.”
— Elon Musk
Simplified Meaning:
When you're starting a new business and want to sell a product or service that's already available from major companies, your offering has to stand out in a big way. Think about when you're shopping: if a new brand has only a tiny advantage over a well-known one, you're likely to stick with the trusted one. To win customers, the new product must be much better, not just a bit improved. For instance, if you're launching a new type of smartphone, it can't just have a slightly better camera; it must have an amazing camera, a longer battery life, and perhaps some groundbreaking new features. This dramatic improvement gives people a strong reason to switch from what they know and trust to what you are offering. Entrepreneurs need to aim for significant innovation to capture the market.
