Does competition mean my idea sucks?

Does competition mean my idea sucks?

It is easy to think…

“If I have competitors that means my idea’s already taken…”

Well, let’s get into it.

Is it reasonable to think that every idea is novel?

That is like thinking every new movie is a complete original.

Markets can sustain more than one incumbent.

Most consumers want to be able to pick between various options.

Look at all the restaurants we have that sell burgers

or places to get pizza

or our groceries.

Consumers like to have a choice.

The freedom to pick the solutions they want

when they want.

So why should your product or service be any different on day one?

Here are ways to reframe the role of your competition:

Let’s learn from our competition instead of fearing our competition.

Let’s think:
➡️ What is their pricing?
➡️ Who are their customers?
➡️ What do they do well?
➡️ What don’t they do well?
➡️ Who are they not targeting but could/should?

These are great questions to take into consideration

as we think about how our solution fits into the larger market.

Some other questions to consider…

How can I avoid being a direct competitor altogether?

It is unrealistic to think you could compete head-to-head with a company like Google.

Still, that doesn’t mean you shouldn’t compete.

We just need to think about how we compete.

Take these questions into consideration:
➡️ Can I offer something that enhances what already exists in the market?
➡️ Can I offer what the larger business offers but for a different consumer?
➡️ Can I offer something similar for less money?

This will allow you to enter the market and find your first beachhead of revenue

like a thief in the night 🥷

by offering something similar (but different/better)

that your target consumers can get behind.

So…does competition mean your idea sucks?

In most cases no.

It actually can mean your idea is valid

and worth pursuing.

As long as you think about it the right way.

So now the question becomes…

What are you waiting for?

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