Should I move forward with my idea if someone is already doing it

[damondietz]

I thought I had a groundbreaking idea and I was ready to implement but I found out that there is another company who does exactly what I wanted to do. it's not well known in the industry but the websites done very well and I'm wondering if you think it's something I should move forward with. like MJ says just because someone else is doing it doesn't mean you can't do it better but the company who is doing is a major player and very big. I'm at the crossroads and I'm not sure what to do.

Advice?

 

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[CEBenz]

What can you do more effectively than they are doing? That is what you need to ask yourself. Customer service? delivery times? marketing? etc.

You need to offer something that they can't/won't.

 

[bflbob]

This is one of those times when I point out how silly it is to worry about sharing your "ideas" with the forum. There really aren't many new ideas -- just modifications to existing ideas.

I wouldn't do exactly what this guy is doing. Like CEBenz says, find something that you can do better than them.

McDonalds didn't create food -- they made it faster.

FedEx didn't invent mail delivery -- they made it overnight.

Ford didn't invent the car -- they made it cheaper.

Take what that competitor is doing -- and make it better, faster, cheaper, smaller, bigger, more automated, whatever.

But whatever you do -- don't do "nothing".

 

[Inphinity]

If someone's already doing it, and making money, that to me just means part of your research is already done - market proven. As above, find a way to improve it, put your own spin on it, or brand it better etc and do it.

 

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[Likwid24]

MJ did exactly what your talking about. He was one of the little guys going up against big companies. He focused on what he can do to be different and better than the rest. It's gonna take a lot of hard work but if you know you can do it better then go for it! Remember, you don't have to reinvent the wheel. Just throw some nice rims on it!

 

[CommonCents]

what size is your market? is there only room for 1 company?

there were tens/hundreds of youtubes, groupons, evites, zynga's, facebooks in varying forms at all times these succeeded etc....The way the few succeed is execution and partnerships. Those are the only ones you hear about and assume they were the only game in town.

If they are the only game around(which i highly doubt), they will often benefit with some competition raising market awareness of the product/service to new customers.

Ever wonder why car dealerships (competitors) often group together? they all sell more cars when drawing more consumers than isolated dealers.

 

[adiakritos]

This was a great question that I was wondering myself. I'm really impressed with the culture here! Much better than the places I've been going. ugh! Finally some real value givers!

 

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[Cinnabon]

I happen to stumble onto this thread earlier this morning. Then a few minutes ago I decided to see if my favorite business name is taken. Sadly enough I landed on the website of a competitor. I'm bummed that my choice name has been taken. This company, and another key competitor I found are both just 2 years old. And both are missing out on key elements that I plan to features. It really motivates me to get moving on my ideas!

 

[Cinnabon]

I happen to stumble onto this thread earlier this morning. Then a few minutes ago I decided to see if my favorite business name is taken. Sadly enough I landed on the website of a competitor. I'm bummed that my choice name has been taken. This company, and another key competitor I found are both just 2 years old. And both are missing out on key elements that I plan to features. It really motivates me to get moving on my ideas!

Of note, I didn't find the company during hours and weeks of key word searches. I only found them by inadvertently searching their company name. So there is a big opportunity for SEO.

 

[Hans Christian]

Wow! I was under the same situation and this got me back on track... I'm still at conceptualization stage but it's time for actions

 

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[racyred09]

As they say, "a rising tide lifts all boats", so if the demand is there for whatever it is I say you should go for it! If they are doing well, you probably will too. Even if you can't think of anything to differentiate yourself right now, I bet you will as you go along.

 

[WJK]

I thought I had a groundbreaking idea and I was ready to implement but I found out that there is another company who does exactly what I wanted to do. it's not well known in the industry but the websites done very well and I'm wondering if you think it's something I should move forward with. like MJ says just because someone else is doing it doesn't mean you can't do it better but the company who is doing is a major player and very big. I'm at the crossroads and I'm not sure what to do.

Advice?

Be really successful at tweaking it a little bit, and then run like hell with it. That other company is your built-in buyer for your eventual exit!