What are some of the advantages of entering a market early? Are there any advantages to entering a market late?

The advantages of entering a market early are:

First mover advantage

Less competition

Patents

The advantages of entering a market late includes:

Certainty

Less research and development costs

Explanation:

First mover advantage refers to the benefits that accrues to a business from being a pioneer in one line of business, the company would be able to charge a price high enough to cover its costs and above all make profits.

At early stage of an industry, competition is less, larger market share can be gained.

Entering a market early makes it possible for a company to acquire patents that prevent others from producing products of its kind.

Also, entry a market late brings some benefits, in that the structure of the market is already known, uncertainty around the size of the market has given way and also the research and development costs can be minimized as the product specification is well known.