If you're going to start a company selling e-bikes, don't be in the same category as everything else. The difference between a used car and an electric bike is enormous. Competing against something way more expensive gives you pricing flexibility. If I can get myself in a category where I stand alone, I'm in good shape.
The best entrepreneurs choose what they compete against. They stack the deck so their product is overwhelmingly better than the alternative. The key to this is choosing the category your customer sees you in. Choose the category and you'll be able to dictate your competitors and ensure you have a good chance to win. Today we'll talk about choosing categories with a little help from e-bikes, protein bars, and a mattress.