I have an idea for a startup, but there’s already a well funded startup with a related idea, what should I do?
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- If Ola cabs thought that way (Uber already was quite a hit),
- If Flipkart thought that way (Amazon was holding the world market for online shopping )
- If Google thought that way (Yahoo search engine was quite famous before Google stepped in
- If Quora thought that way (Yahoo question and answers was already used by many people)…
If all these companies never started because of the question you are asking, what a loss they might have suffered!
If you start with something, there’s a chance you will fail, but if you don’t start, it means you have already failed.
It’s not about the new idea or it’s not about the idea at all.
It’s about how you implement it, how much you work for it, how much efforts and how much sacrifices you are ready to make for it. Failure is only in one’s mind.
I wrote this answer at night just before I was going to sleep, so I didn’t try to make it long by adding all the famous companies’ names who have achieved success despite the same idea being already used by some other companies in the market.
Sopeople asked me in the comment section to add some names like Facebook, Snapdeal, Dropbox etc.
But rather than listing all the names I would like to give a small example-
Imagine there’s a small village. Now there’s one tea stall already in the village and everybody goes to his stall for having tea. Now if you want to open a new tea stall in the same village, being afraid of competition and because the idea is old you will step out. Try to think of some better services that you can provide. Keep chairs at your stall for customers to sit and drink and keep newspapers to let them read while drinking tea. This would attract more customers even though the idea is already implemented by someone else.
The key to a successful businesses is not the idea, it’s the implementation.
And thanks for such a good response.