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
Vlad Golub@realvladgolub
Clustr
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?
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@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 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.
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 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.
@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!