What do you do when your idea is already built by another startup? by @R44D
Answer by Raad Ahmed:
The marketplace is full of competition which tends to be a necessary evil. You want to be able to compete with the best, but you also want to be better than the best. You’ve been offered a number of helpful tips about what you can choose to do at this point. And really it boils down to two simple options: give up or push forward.
I am going to assume that you want to go with the latter option.
One answer outlined the pros and cons and ended with the fact that what will be most important to you now is execution. And I couldn’t agree more. The way that you choose to plan your business from this moment forward is going to determine how you fair in the marketplace. As it’s already been explained, there are countless ideas that are similar, but only the best organized businesses will dominate. It’s up to you to build a business with a solid foundation. You can do that by properly planning from the very beginning.
Tips for competing in the marketplace:
- Have a thorough business plan. You already recognize that the similar product is pretty solid, but you have no idea what their business model really looks like. So make sure yours is stellar. Put a lot of thought into how you envision your business, not just today, but well into the future.
- Make sure that you are abiding by the law. It doesn’t matter how awesome your product is you ignore the laws that are put in place such as proper licensing. If you don’t comply with even the most basic laws not only could you be fined a hefty amount, but you will also start your reputation off on a really sour note.
- Establish internal policies right away. It is likely you will be working with other co-founders and if you are, there needs to be clear-cut expectations for everybody’s role. If you decide to “wing it”, you will regret it. Personalities clash, visions differ, expectations don’t always match up—-and when that happens you’ll wish you would have thought of this.
- Get your legal documents together. This includes things like non-disclosure agreements, customer contracts, etc. You want to have all your ducks in a row, so to speak so that you aren’t scrambling to get it together if an issue arises. To put it simply, be prepared for a problem before there is one.
You don’t have to shy away from the marketplace simply because there’s some stiff competition. These are the moments where you have to decide if your business is worth it. You may have to put a bit more leg work in to make sure that your business is totally organized, but really, all businesses should do this. If you are situated for success, then the rest of it will be left to your creativity and perseverance.
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