Market Too Saturated - I Quit!

[Almantas]

Hi folks! I have written this thread for guys who have just started sniffing around entrepreneurship. Most of you old, wise men will already be familiar with my case study and its findings - don't blame me for your time wasted if you decide to proceed! Thanks for your time and enjoy the read!

Guys, all business ideas are already taken and market is too saturated. Forget entrepreneurship, dust your suit and go back to call centre. Every idea is already taken by hundreds of guys.

However, if you are not obsessed about ideas per se, leave your suit hanging and let's go for a walk...

Today I was in an entrepreneurship meeting. There were roughly 50 guys sitting in a room discussing what ideas are going to make money, what ideas are taken and how to find an idea that hasn't been claimed by anyone. Someone mentioned execution few times, but nobody seemed to care. Most of them were obsessed about some new, interstellar business idea that can make them billionaires overnight.

It didn't take long for moaning to begin. Bunch of guys jumped on the stage and started moaning that most ideas are already taken and no matter how many books you read or how much money you invest, you ain't gonna build a long-term sustainable business, because someone will smell your success and steal your idea and start price wars...

I was expecting a hot discussion about execution anytime soon, but it didn't happen. Most of the guys were from prestigious schools, had admirable careers and seemed to be professionals, yet nobody stepped on the stage to enlighten the rest of guys about the importance of execution. Most of them were too busy blaming the world for ideas already taken and market saturation, because of XYZ.

My point is that there's a gazillion of opportunities if you know how to improve something. There'll always be people who want cheaper, faster, brighter, louder, softer, quicker items. If you concentrate on process/product improvement, instead of simply hunting for a legendary idea nobody has yet heard of, there's tons of money to be made and opportunities to improve peoples' lives at the same time.

As Grant Cardone said, "We're all obsessed. Make sure you're obsessed about the right things."

 

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[ZF Lee]

Most of them were obsessed about some new, interstellar business idea that can make them billionaires overnight.

Pioneers get shot, and settlers get rich. Hehehehe.

Most of the guys were from prestigious schools, had admirable careers and seemed to be professionals, yet nobody stepped on the stage to enlighten the rest of guys about the importance of execution.

I am going to be harsh...but if this continues, don't go back there. Ever.

Please don't tell me that THAT was what they spent the entire time doing!

Makes me rethink the pros of even prestigious schools...

 

[ZF Lee]

View: https://m.youtube.com/watch?v=hhBDfJY-xZw

Found this video comparing small and big businesses in South Africa. Brilliant video.

You may think that big businesses have the bigger advantage, but you may be surprised...both the small and big businesses ran on similar ideas.

It's the execution....not the idea.

 

[TheRegalMachine]

Well as the Macho Man once said "The cream...rises to the top!"
It doesn't go "Oh there are already too many curdles up there."
People who whine about ideas and over saturation are either lazy twats: ignorant to the input needed to gain exemplary output or unrealistic twats: lulled into the mindset that all successful businesses were built on unique one of a kind magical ideas.
Of course no one stood up and spoke about execution. They're all dreamy eyed naive ****s who only see the events not the brutal battle ground of process.
I think the one positive to having people like this is they're weeding themselves out.
Someone else who is willing to put in the 100% and not feed into the BS of "muh idea." will rise to the top.

 

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[AgainstAllOdds]

I agree 100% with your post, but not with your title.

What it comes down to is need. To make money, you need to be filling a need, and sometimes that need is already filled.

The definition of saturated is:

If a market's truly saturated, then there's no room for another business to solve the need. The need is already solved. You can only solve a need 100%, not 101% or anything more.

If you enter that market, then you're creating a "me too" business. That's not a business you should pursue. True, if your execution is amazing then you'll make a lot of money, but your effort and ability to execute would likely better be served in a different market.

However, if you're solving actual needs, and providing actual value on top of the existing competition, then you should pursue.

For example: You should not be a musician because the market for musicians is saturated. However, if you create a new musical experience that is interactive and people want to pay for, then you should pursue.

Most of the guys were from prestigious schools, had admirable careers and seemed to be professionals, yet nobody stepped on the stage to enlighten the rest of guys about the importance of execution. Most of them were too busy blaming the world for ideas already taken and market saturation, because of XYZ.

And most of these guys don't sound like entrepreneurs but employees. Their mindset is fixed on being a cog in the wheel. If there's competition, then they can't be that cog.

 

[GMSI7D]

My point is that there's a gazillion of opportunities if you know how to improve something. ."

we are still in philosophy mode here.

"if that... then the world is better !!! ". if santa claus execute his idea, then he will be rich



this " that" has not been found to sustain society on a global scale with happiness for everybody

there are millions of poor people in the so called " richest country on earth ".


on a local scale, some people sustain their life. on a global scale, society won't survive the next hundred years


because this fundamental unknow " that" has not been solved for the future of society.


i don't care about me becoming rich. i care about intelligence.

i care about a global goal and quest in life where intelligent people have dignity in their life.



no past or actual ideologies have brought this thing and i know why now after years of research

 

[Almantas]

Pioneers get shot, and settlers get rich. Hehehehe.

I am going to be harsh...but if this continues, don't go back there. Ever.

Please don't tell me that THAT was what they spent the entire time doing!

Makes me rethink the pros of even prestigious schools...

It was my first time attending this event, but I am pretty sure they are coming together to moan about competition and IDEAS. Maybe they have intellect, but not wisdom. I was somewhat surprised and amused by their attitude and discussion topics, lol.

 

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[TheRegalMachine]

If a market's truly saturated, then there's no room for another business to solve the need. The need is already solved. You can only solve a need 100%, not 101% or anything more.

What if the 100% solves a problem but ineffectively?
What if the solution doesn't need 100% but less than that, but the current market doesn't realize it?
A person can't realize this if they never try because they're afraid of being a "me too business" or that others are already doing it.
In my opinion that's avoiding action out of fear or making mistakes. Folks following "The wise man learns from the mistakes of others." sometimes cheat themselves out of valuable lessons.
The McDonald's brothers went into the "me too" restaurant business and it failed. All of the carhop restaurants were the same solution of easy ordering, cute girls delivering your meals on skates, and wide variety menus. 100% solving the problem of the new automobile culture of hungry American. But the system was broken, blotted, erroneous. After failing at their "me too" endeavor they learned at lot of what doesn't work and went back at it with a new system. Barebone: only burgers, fries, drinks/shakes. And it was a brilliant idea that with the introduction of Ray Kroc (after he pushed them to franchise, then had to take it away from them to make it flourish) became a billion dollar business today.
Maybe it's not the best bet to go into a business that already has it's solution but you will never know if you might improve on the industry or completely change the landscape if you never try.
That's just my two cents.

 

[AgainstAllOdds]

What if the 100% solves a problem but ineffectively?

Then the problem isn't 100% solved.

After failing at their "me too" endeavor they learned at lot of what doesn't work and went back at it with a new system. Barebone: only burgers, fries, drinks/shakes. And it was a brilliant idea that with the introduction of Ray Kroc (after he pushed them to franchise, then had to take it away from them to make it flourish) became a billion dollar business today.

And they didn't go into a "me too" business. They invented fast food. Completely different need being filled.

The need wasn't "Oh, there's too many items on the menu, I wish there was less..." (me too business).

The need was "I wish I could get tasty food fast and cheap."

If you open a fast food burger joint now, then you're most likely going to fail. You shouldn't start businesses that already have someone dominating vs businesses where the supply has yet to meet the demand.

The only time you should start a me too business is if you're confident you can take enough market share at break even and sell it back to the big guy.

 

[TheRegalMachine]

And they didn't go into a "me too" business.

Their first business was a hot dog cart because a hot dog cart in the same city was making money. They didn't know that the cart didn't make money for long once the racing season ended and foot traffic died.
They're second go at business was a drive-thru/car hop which dealt with the same success and failures most hop spots had.

Driving into a parking spot, ordering via an intercom or carhop girl, and getting your food served to you via your automobile was the American definition of "fast" and "food".
And it was cheap. Dirt cheap. A man could feed his whole family for a couple of dollars.
The solution to the producers and the consumers, in their minds, was solved. Even with the issues of too many choices, slow carhops, f*cked up orders, and more. It was more convenient than having to get out of your car, go inside an establishment, wait for a seat, so on and so on.

The world didn't know that it could be done quicker, cheaper, and more effectively.
The McDonald bros refined the system to a less costly and time consuming process for their business. Old system begat new system.

They didn't create fast food. It already existed. I believe you're thinking of the burgers and fries model of "fast food" we all know and love/loathe today. White Castle was doing that before the McDonald boys even made their cart. McDonald's the restaurant grew faster than White Castle though but I digress.

In their attempt to do what other drive thrus and hop spots were doing they were able to learn that most people didn't want barbecued beef brisket and corn bread. They refined the system to a less costly and time consuming process.
My point really is they would have never learned anything, achieved what they achieved had they not took that risk of a "me too" business.
I think a lot of people miss opportunity and growth by being too afraid or overly cautious.
And I get that in TMF it advises to avoid such business endeavors but the book isn't holy gospel to be followed by the letter.
The guys in the opening post disparage themselves from moving forward but I find it irksome when people advise others to do the same as if they have a crystal ball.
Yeah a "me too" business *might not* be the best idea if someone feels they can do better, they can bring change, or a new value to something I'm not going to tell them "Nah the solutions been taken care of do something else."
Maybe I don't make sense, sometimes I have trouble expressing what I mean.

 

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[Under-Dog]

I'm going to go on a limb and say Nas was spot on with his song No Idea's Original

"No idea's original, there's nothing new under the sun
It's never what you do, but how it's done"

You have to keep finding problems and improving, wheels used to be made out of wood and now they're rubber. Same product just improved