If a new entrant firm hopes to attract customers from an established incumbent firm, the new entrant must ensure that the value they offer exceeds the incumbents’ value in addition to any perceived

switching costs

Explanation:

Switching costs are those that face the consumer when changing product, supplier or brand.

They are not only monetary, there are also psychological, effort and time costs. They can manifest themselves in various forms such as: cancellation penalties, the need to learn how to use a new product or technology, face the risk that the usual operations are interrupted or the risk that the change will not satisfy us.

it's actually a very difficult task, due to not many people can make 2 million dollars in 2 years. besides that, to the not-so-realistic ideas, you can create a business. it could be practically anything, but make it into a business that isn't that known yet, you get me? also, lets not forget about stock market. that's where all the good stuff happens. use investments at the beginning and begin to raise up your business or whatever you're going to do. as this is a very non-realistic idea, it's still worth the shot!

answer; conceptual skills;