How do you view successful competitors?
Does it shake your confidence? Does it validate your market? How do you mentally process it?
Its always going to be something entrepreneurs deal with, if you are solving a problem that is worth solving, chances are you will find someone else with a similar idea. Sometimes I feel fear that because I am not the most novel founder on the planet, that somehow correlates to a lower probability of success, but the amount of apps and services I see seems to contradict this notion. Where are you on this?
@dylan_merideth I think in most cases, execution is more important than being first. Of course it’s always better to execute effectively while also being first. The most common example that people always bring up is Facebook. Before Facebook, there was Myspace. But you could also look at Bitcoin. The bitcoin technology is ancient compared to what is happening now with the Cosmos ecosystem; however, Bitcoin is still extremely popular to build off of. At the end of the day (corniness incoming), if you believe in your product and your abilities to execute —> you’re golden. So your assumed lowered probabilities of success are probably just paper tigers. Go get em :]
For us, it's a huge market validation, but it also can feel like an insurmountable effort. You just have to keep believing that if you offer unique value and keep pushing that you will be able to break through.
@paul_vanzandt gotta keep the faith! Thanks Paul, hope the launch prep is going smooth!
Successful competitors just show you that there's market and growth is possible. If you're just starting - you're on the right track, and if you're lagging behind - there's definitely something you need to improve. Helps to learn some lessons! Btw, we’re launching in the mid of June. Check out our upcoming PH page: www.producthunt.com/upcoming/eff... Our project is called: Effecto. It’s an app for detailed habits, health, symptoms, and meds tracking. Pretty much for everything that is related to your physical or mental health and every daily factor that can affect you.
Competitive analysis has become an essential part of business marketing activity and has made it possible to perform qualitative strategic planning. While analyzing your competitors, you should know what you are looking for and how it can help your business. Find the latest business news with Investor Money.