Do you think that your original ideas won't stand a chance against established players?
Ayush Jangra ✦
6 replies
Are you hesitant to start a business in a highly competitive market?
Many people believe that starting a business in a competitive market is a bad idea. However, this is not necessarily true. In fact, being in a competitive market can actually provide pre-launch validation and allow you to learn from and improve upon what's already out there.
Point of difference can mean more than just product features; it can also mean marketing, sales, and operations. You might be offering the same experience but have an untapped marketing strategy, or you may simply have a deeper network of leads.
And truthfully, most of the ideas we think of as original aren't. The key is to watch out for ideas with a clear dominant player and find ways to disrupt the market.
So, don't be afraid to try something in a competitive market. You don't have to win the category to be successful. Just believe in yourself and go for it!
What's your view on starting a business in a highly competitive market?
Replies
Marilyn Ramirez@marilynram82
I believe that starting a business in a highly competitive market is both challenging and rewarding. It requires innovative thinking and a unique value proposition, but if done correctly, it can lead to significant growth and success.
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@marilynram82 I think that if you can keep those two things in mind, you'll be able to succeed no matter what field you're in!
Don't fear the competition, embrace it! It's like playing a game of Mario Kart, you want to be in the mix to score big. Plus, who doesn't love a good challenge?
@realvladgolub I couldn't agree more! Competition is the driving force of this world, and it's what makes us all better. I love that you're embracing it!
I think it's more a question of execution than a new-old idea.
At that stage, you will pivot and change direction a few dozen times.
But the way you build your hypothesis, test them, and finally decide what are the next steps is the way to go.
I think any idea is only as valuable as the quality of its execution. Seen a ton of outliers executing the same idea 100x better than corporates and doing well with many happy customers.