When an idea drops into your head, it mostly sounds like something unique and the best of all times. Sometimes the euphoria ends almost immediately or over time. But some people proceed with it even when it turns out to be a bad idea.
Most times startups get to see that some other firms or companies have started working on their ideas, what do you think you can do? read this article and make sure you share it with your network.
Is Your Startup Idea Unique?
You need to check your industry of interest before you start anything, there was a time Airbnb wasted around 4 months chasing an idea that had already been built.
We didn’t have this flash of inspiration that Air Bed & Breakfast was going to be huge. In fact, we started building a different product — a roommate search tool. We worked on this for 4 months and then realized roommates.com had already built this service. I couldn’t believe how much time we wasted on this before checking the URL roommates.com – Brian Chesky, Founder of Airnb.
You need to check out your competitors if there are any in the industry, this will help you to understand their current scale, what market they are active in, if they have secured investment, and if so, how much?, how good their product is, what people are saying about the product on social media and if it is worth pursuing the idea.
How To Do Competitor Research
You can start you competitor’s research with the traditional Google search, and from there you can proceed to google play if you are into the development of apps.
You can also use the following instead of Google, “ angle list, CrunchBase, Quora, product hunt, CB insights, Getapp and The ‘vs’ Hack. You will be able to see what people are saying about your industry and possible competitors that you have to consider.
Coping With Competitors
The most important thing to do when you have a competitor is to do more research on the competitor, the market, and your target audience.
Know the niche they are focused on, from this you will be able to make a decision on entering the same niche or going to another niche in the same industry.
Get their products too and find a better way to do something similar to it, or find a way to do some different that serves the purpose of the product in a better way.
In conclusion, the presence of competition does not mean the end of your dream, it is actually a positive thing, and it confirms the fact that your idea is actually good.
Drop a reaction below on what you think about what we just discussed, I will love to hear from you.