Key first mover advantages include:

  1. Reputation effect
  2. Experience curve
  3. Customer commitment and loyalty

Read up on the first mover disadvantage too, and for more on defining your market and target customers, check out How to Do Market Research, Market Research Resources for Entrepreneurs, and How to Define Your Target Market.

Bplans GlossaryBplans Glossary

At Bplans, it's our goal to make it easy for you to start and run your business. The Bplans glossary of common business terms will help you learn about key small business and entrepreneurship topics.