Two companies competed with each in toothpaste & toothbrushes. There was a requirement in the market for toothbrushes for kids. Both companies were aware that one who comes out with the product earlier could dominate the market. The first company, instead of doing any field research, took the logical approach. Since adults have bigger hands they need long & thick toothbrushes. Whereas kids have smaller hands, so they would need small & thin toothbrushes. In the haste to gain market share, they produced the kid�s toothbrush & launched it. Meanwhile, the second company did extensive field research. They went to hundreds of kids & observed how they held the toothbrush & brushed their teeth. They also took feedback on what kids wanted. They concluded that they need a toothbrush similar to adults in size with some grooves. Thus they launched a bigger toothbrush for kids with coolers & cartoon characters to make it more attractive. They sold a record number of toothbrushes & dominated the market.
What we learn here: To achieve one�s wealth creation goals, one should plan well, acquire requisite knowledge of products & market factors & most importantly have patience to wait for the results. It is a very iterative & boring process which takes a long time to materialize. The more time, you spend on the initial stages, more the confidence you will get in the longer run. Never go for shortcuts, it may give you instant returns, but to make consistent returns you need