What if Someone is already there before me ?
It’s time to Party Hard!!!
We are working on our new startup at Ahmedabad, India. We have spent almost 4 months on its research, analysis & wire framing but me missed something in beginning, yesterday we came to know about almost similar concept which is up and running in market for 1 year. Their concept is very similar to ours. Last night we met to discuss on this area, we are worried about the next steps & have many questions such as,
- What should be the next step?
- Shall we continue or drop the idea ?
- They are more experienced than us, will it be a wise decision to compete them?
We are new in this sector so this can be genuine reason to worry, but as Entrepreneurs such a negative thought is not a good sign. We are Entrepreneurs because we love challenges, & this is just beginning. I tried to figure out some key points that can motivate me & the team. I will use term “Friend” for this new competitor because we can learn many things from them for free..
- Execution matters not the Idea or Concept. History is tells the fact. There are many example where Number 2 overtook Number 1 just because of their execution & quality they delivered.
- Every market needs alternative to existing one and we have a Good Chance to catch the market by being a better alternative.
- In today’s fast paced world, hardly anything is ‘invented’ but restructured or well organised thus, we should not worry about competition.
- Some amount of competition is Good, it shows the idea is in Demand, If our Existing Startup friend has customer that means we have good amount of target audience. Our friend has already set market for us for free and we just need to start acquiring customers & expand it.
- We will be having chance to learn & analyse pros & cons of our existing friend. This will help us to directly improve our product & will also save some amount of money of research.
- Why is History a subject in schools? because history works as framework, it helps us to learn from those mistakes & also make us aware of good approach. Its weird idea to fall in same pit of our path if someone else has already fallen. They have failed more than us. hence we will know what does not work and can focus only on what actually works.
- We have just saved much time and cost for making our startup better.
- Bigger size of our competitor friend`s team may actually work to our advantage since our overheads will be less and we can quote a more competitive price for our product.
- We are not much bigger but when we will be in need of expanding our team we will have good talent pool isn’t it ;)
- Our friend’s existence proves that validation & sustainability check has been passed. So party hard we all are on right track & 4 months that we have spent are not wasted.
- If I put this philosophical speech aside then we have many live examples, OYO came after GoIbibo, Amazon introduced after Flipkart in India, Ola started cab services after Uber & MeruCabs, AirBnB was also second in market. Not enough? Ok Facebook! Facebook was also introduced after Orkut. Even Google was not first it was 20th, People were using yahoo as Search engine before Google, Same way youtube was not the first one shareyourvideo.com was introduced before youtube.
I am not the only one who believes these things I found many articles which says same things.
- Ideas don’t make money. Businesses make money, And businesses might be sparked by ideas, but they’re built on execution. (From http://blog.mojotech.com/sorry-but-your-idea-is-only-worth-1/)
- Originality isn’t about doing what’s never been done in a strict sense, but it’s about the unique way in which each individual gives expression to his or her artistic influences (from somewhere on internet)
Thanks to best buddy Parth( Golu😉 ) for proofreading!