One of the best things you can do as a business owner is to try to come up with an idea that really is completely new. If you replicate another company's creation, you're going to be hard up to generate a demand for your product. Why? Because there simply isn't a need for it—the market for that product has already been satisfied, and since the other company has likely been around longer, chances are they already have a bigger customer base. It's okay, though, to improve on an idea that is already in the marketplace. Julie Clark didn't invent children's videos—she saw a hole in the existing lineup and developed something to fill the void.
Although your goal is to focus all your energy on your own business, it's not unusual for entrepreneurs to hold down a traditional job while their companies grow.
Please note: This is general information and is not intended to be legal advice. You should consult with your own financial advisor before making any major financial decisions, including investments or changes to your portfolio, and a qualified legal professional before executing any legal documents or taking any legal action. Harpo Productions, Inc., OWN: Oprah Winfrey Network, Discovery Communications LLC and their affiliated companies and entities are not responsible for any losses, damages or claims that may result from your financial or legal decisions.
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