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Don't throw away an idea because someone else has already made it. This is crucial. People completely underestimate the amount of money you can make as a runner
by mittermayr 8y ago
Don't throw away an idea because someone else has already made it. This is crucial. People completely underestimate the amount of money you can make as a runner-up, or even as a 5th or 10th-place service in some markets. Most of the products I'm involved with have made me quite substantial amounts over the years compared to the minimal time required to upkeep them. There's at least ten companies I can name at an instant that do almost exactly the same, yet I still make money doing the very same thing. Appreciate the invaluable advantage a market-proven idea brings and focus on whatever its target audience lacks or loves most about the most-popular offering. It doesn't mean you have to copy something (where's the fun in that), but consider this if you start working on something and then come across someone who's done the exact same thing with good success. Don't give up, use it.
- opportune 8y agoThere are actually pretty straightforward reasons why it's not necessarily optimal to be first-to-market. Someone else has already tons of research into product-market fit and made mistakes along the way that you can emulate and learn from respectively. They've also jump started demand in the market for a similar product that perhaps has different features/quality/pricing
- jainmukesh 8y agoYou don't always have to take an unknown path. Many times there are inefficiencies in the current businesses which you can try to solve. Also there may never be a perfect idea unless it is put to execution. I run a community board for deals https://flagdeals.in https://flagdeals.in
- fierro 8y agosee: gitlab
- mikekchar 8y agoSee: gitHUB. The whole reason git even exists is because Linus wasn't completely happy with the service he was getting from a SaaS source control service! I mean we can go back decades in this field.