Is there shame in copying business ideas?

[mav55339]

Aren't most if not damn near all successful businesses just a copied business idea that they made different/better?

Benefits of copying a successful business idea.

1. Already know there is a market for it.

2. Already know they are financially successful.

3. The idea is already there.

All you have to do is copy the idea. Is there shame in this because I kind of feel like there is? I am very interested in getting into the SAAS business category and I am most likely going to copy an already successful SAAS and make it slightly different. Although I am not a programmer and I'd have to hire one possibly through a loan or some type of deal where they program it for free but get a percentage of the earnings for a while.

What are your overall thoughts on this?

 

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[Vasudev Soni]

Aren't most if not damn near all successful businesses just a copied business idea that they made different/better?

Benefits of copying a successful business idea.

1. Already know there is a market for it.

2. Already know they are financially successful.

3. The idea is already there.

All you have to do is copy the idea. Is there shame in this because I kind of feel like there is? I am very interested in getting into the SAAS business category and I am most likely going to copy an already successful SAAS and make it slightly different. Although I am not a programmer and I'd have to hire one possibly through a loan or some type of deal where they program it for free but get a percentage of the earnings for a while.

What are your overall thoughts on this?

There is no shame in copying an idea.
There was MySpace before Facebook.
There was Yahoo before Google.
The reason that they both are now the biggest companies on the planet is because they provided massive value to a massive audience.
If you are copying an idea, just make sure to provide better value than the existing business. Also, make sure to do your due diligence before starting something.

 

[App88]

There is no shame in copying an idea.
There was MySpace before Facebook.
There was Yahoo before Google.
The reason that they both are now the biggest companies on the planet is because they provided massive value to a massive audience.
If you are copying an idea, just make sure to provide better value than the existing business. Also, make sure to do your due diligence before starting something.

Can you elaborate on what due diligence are you referring to?
Market research? Product validation? Or can it be skipped? Since your competitor is successful you already know there is a market and demand for it.

 

[heavy_industry]

• Are you ashamed of wearing clothes that were not made by you?
• Are you ashamed of living in a house that you didn't build yourself?
• Are you ashamed of speaking a language that you didn't invent?

All human progress - with no exception - is iterative improvement.

The only way you can move the needle forward is to stand on the shoulders of giants.

• Windows was not the first operating system.
• Google was not the first search engine.
• The iPhone was not the first smartphone.
• Facebook was not the first social media platform.
• Amazon was not the first e-commerce store.

So how did they conquer the world?

1. Take something that already exists - ALREADY NEEDED
2. Improve it in a very specific way - HOW IT WAS NEEDED
3. Release it on the market at the perfect time - WHEN IT WAS NEEDED

Stop asking inopportune questions and get to work.

 

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[Stargazer]

• Are you ashamed of wearing clothes that were not made by you?
• Are you ashamed of living in a house that you didn't build yourself?
• Are you ashamed of speaking a language that you didn't invent?

All human progress - with no exception - is iterative improvement.

The only way you can move the needle forward is to stand on the shoulders of giants.

• Windows was not the first operating system.
• Google was not the first search engine.
• The iPhone was not the first smartphone.
• Facebook was not the first social media platform.
• Amazon was not the first e-commerce store.

So how did they conquer the world?

1. Take something that already exists - ALREADY NEEDED
2. Improve it in a very specific way - HOW IT WAS NEEDED
3. Release it on the market at the perfect time - WHEN IT WAS NEEDED

Stop asking inopportune questions and get to work.

This is my answer too

Dan

 

[Oso]

Can you elaborate on what due diligence are you referring to?
Market research? Product validation? Or can it be skipped? Since your competitor is successful you already know there is a market and demand for it.

If your first thought is "how much work can I skip," I encourage you to consider a different path in life.

All you have to do is copy the idea. Is there shame in this because I kind of feel like there is? I am very interested in getting into the SAAS business category and I am most likely going to copy an already successful SAAS and make it slightly different. Although I am not a programmer and I'd have to hire one possibly through a loan or some type of deal where they program it for free but get a percentage of the earnings for a while.

What are your overall thoughts on this?

My overall thoughts on this are straightforward. I'd bet my net worth on it being a massive waste of time/money for you. To be honest (with the goal of helping you face/see reality, not be a dick), I'd bet my net worth on your first 20 SAAS projects failing.

Sure, maybe you hit a homerun your first time up to bat. It's possible. But realistically, until you've "been up to bat" a handful of times - especially in an industry as cutthroat as SAAS - you will strikeout every time. Everyone wants to create a SAAS until they get into it and begin realizing what all it entails. Unless you have either a ton of time, or a ton of capital, SAAS is extremely difficult.

All of that said, yes, literally everyone copies existing business ideas. You didn't have to create a thread for this.

Q: "Is it okay to copy business ideas?"
A: "Was Facebook the first social media platform? No? There you go."
/fin.

Here you go. My basic SAAS process that I copied/pasted from my response to another thread. I hope this helps you on your journey.

Basic SAAS Process:

1. You form an idea based on something you've seen that needs improved upon, or something brand new you believe the market would pay for.

2. You conduct market research on your idea. Ask questions. Take notes on your findings.

Examples

2a. Who has your audience (e.g. are you competing with Nike or Sketchers? Microsoft or the little guy next door?)
2b. What are they offering?
2c. Do you see any ways you can improve upon their offer? (avoid the "lowest price point" shtick. That's how you end up broke).
2d. Are people even paying for the service?

If the idea looks solid, you can confirm it's a solution people are paying for, then you move forward to the next step.

3. MVP (Minimum viable product)

This is single-handedly one of (if not the most important) aspects. All you're doing here is creating the most basic version of your app, showcasing its purpose and how it fulfills said purpose. You're not adding 100 features in this stage. Just what's required. Basic functionality and why it stands out.

So, for example, if you're creating an app that utilizes AI to streamline the process of changing image types (jpg to svg, etc.), your MVP would showcase precisely that: a basic AI-fueled app, streamlining the process of changing image types, and why your app is different. You can add the features later.

4. Once your MVP is ready, you deploy it for feedback. Send it to people in the industry you're targeting. Most people I know create basic social media profiles to correspond with the launch of their MVP. This part can be difficult as it typically requires you have some type of footing in the industry. A lot of people that have been in industries for decades aren't going to test an app from some random, so you genuinely have to give them a reason to test it.

It's imperative they test it and you collect their feedback because that feedback is ultimately what determines whether or not you deem it's worth further pursuing. This is the part where you allow people to test it, and outright ask "is this a solution you'd pay for?"

If not, figure out why. Make updates to your MVP. Again, don't spend months on it, but you need to spend enough time on it, and gather enough feedback with it, to determine if it's worth pursuing. Which leads to the final step...

5. If the feedback received is looking great, then you continue building from there. Try to get something launched ASAP, based off of your MVP, and then continue adding to it. Again, all of this being based on feedback.

If the feedback you receive is negative, then continue from there. What is your audience saying? Do they not like the UI? Is it difficult to read text? Or are they simply committed to the company/app they've been using for 30 years? You don't know until you ask.

Don't assume you know what your audience wants. ASK THEM.

(P.S. Hey, @Andy Black, I apologize for the random tag, but I wanted to thank you for giving me the idea to have the ability to reference my past posts. It has already been saving me a ton of time helping people with SAAS stuff. May have even found my shtick, lol. I hope you and your people are doing well, buddy.)

Cheers.

 

[MTF]

Although I am not a programmer and I'd have to hire one possibly through a loan or some type of deal where they program it for free but get a percentage of the earnings for a while

There exists not a single developer in the world who would accept this deal.

 

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[Bounce Back]

At a super high level whenever someone asks this I like to ask: "Do you like having only one choice of where to eat something or buy a particular item?"

 

[App88]

If your first thought is "how much work can I skip," I encourage you to consider a different path in life.

My first thought is not about skipping work or looking for shortcuts. It's about allocation of time, money and effort in one place more than other.
So, my simple question was can the demand be validated through how well your competition is doing? Or market research and product validation is non negotiable? if studying your competition gives you a good idea, that extra effort/time can be spent meticulous trying to better products/services you are planning to offer.

 

[Kevin88660]

Xiaomi makes an empire from copying iphone and now goes into manufacturing cars and begin to receive law suits from Tesla.

 

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[amp0193]

Rocket Internet in Germany.

Just copied American SAAS and released it in EU before Americans got there.

It’s a business model, sure. Theres was just geographic arbitrage, and my business in physical products started the same way.

 

[theag]

Most businesses aren't exactly new ideas, but instead an improvement based on some existing one. Or even just plainly the same. I don't see anything wrong with it.

Even very good, innovative ideas don't stay hidden for long and are not protectable (some exceptions due to patents). That's why you often hear that "ideas are worthless, what matters is execution".

I copied my current business's idea from the US to Germany and grew it much bigger than the original in a much smaller market.

 

[Andy Black]

(P.S. Hey, @Andy Black, I apologize for the random tag, but I wanted to thank you for giving me the idea to have the ability to reference my past posts. It has already been saving me a ton of time helping people with SAAS stuff. May have even found my shtick, lol. I hope you and your people are doing well, buddy.)

If you keep saying the same thing over and over then create a thread for it and start linking to the thread.

You then know in advance that threads you create will help people. They're "validated" so to speak.

Ahem... I created a thread based on this a while back. Rather than repeat myself I'll link to it:

HOT! - MARKETING - How to use forums (and Facebook groups)

How to use forums (and Facebook groups) I'm going to braindump some of my learnings about using Forums and Facebook groups. For those trying to "validate a need" (I kinda hate that phrase), then forums and Facebook groups are a fantastic resource. Not only do people nicely group themselves...

www.thefastlaneforum.com

 

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[Fox]

I'd have to hire one possibly through a loan or some type of deal where they program it for free but get a percentage of the earnings for a while.

Ah the classic ideas man.

Why stop with just some online thing though?

- Come up with the idea for a new city, get people to build it for you, tax residents 50%
- Come up with idea for flying car, get scientist to make it for you, take most of the profits
- Come up with the idea the next #1 blockbuster movie, get everyone to work for free, pay them a small percent later

Oh wait... that all sounds retarded and good people don't work for free for someone who has zero track record of success.

Stop looking for some magic pill, get to actual work, and stop making new threads every 5 mins.

 

[Oso]

If you keep saying the same thing over and over then create a thread for it and start linking to the thread.

You then know in advance that threads you create will help people. They're "validated" so to speak.

Ahem... I created a thread based on this a while back. Rather than repeat myself I'll link to it:

HOT! - MARKETING - How to use forums (and Facebook groups)

How to use forums (and Facebook groups) I'm going to braindump some of my learnings about using Forums and Facebook groups. For those trying to "validate a need" (I kinda hate that phrase), then forums and Facebook groups are a fantastic resource. Not only do people nicely group themselves...

www.thefastlaneforum.com

Yessir! So far, I've just been copy/pasting. I'm in the process of creating my SAAS thread, so once I've given MJ some forum money, I'm going to link it in my bio, and just use it for reference. It'll make my life exponentially easier. But I wanted to give you a shout out because even just being able to copy/paste has been tremendously helpful.

Thanks again!

Cheers.

 

[ZackerySprague]

Michia Rohrssen took a failed VC company's idea Beepi that was suppose to be a B2C company, I believe? But pivoted the business to cater towards the car dealerships instead of the consumers.

As with anything though, the first initial software model failed. They had to pivot the entire solution they built to something different.

Maybe instead of copying, see what they are doing, and see how you could be different. By the end of the day, yes you can copy, but the question is will your clients or customers by what you have?

I would say learn more towards improvement. We can talk about business models and which ones are the best. But it really does come down to:

1. Who are you helping?
2. How can you help?
3. Will your market pay for what you've built.

Breaking down Prodigy Softwares solution would be:

1. Consumers who wanted to buy cars online during the C0VlD-19 Pandemic or online. Studies showed 46% of people wanted to but only 1% could.
2. By creating a virtual showroom software that allows consumers to see the car they want to buy virtually online without having to come in or make any appointments. Allowing them to also fill out the required paperwork to purchase the car and looking for the best loan options to buy the car.
3. 11 dealerships said Yes to this idea, thus, they built an MVP, raised VC and received $768,000. Ultimately finding a Co-Founder to code the solution.

Their value was in the sheer amount of processed loans and the cars they were selling. That's what the software they've built provided ultimately growing a team of 3 to 200 in a matter of 6 years to the liquidation sale.

You don't even need to go this far, you could simply ask your ICP, and see what problems they have ans get yes to they would pay for something you've built.

 

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[MJ DeMarco]

If your first thought is "how much work can I skip," I encourage you to consider a different path in life.

And this is why this particular user is moderated.

As you mentioned earlier, too many posts are about "what is the biggest amount of return can I get for the least amount of effort?" And this is why Bitcoin has such a huge following; the normies want huge returns for no work.

 

[cikatomo]

If there is a shame we would have only one car brand, only one shoemaker, only one pasta factory

 

[App88]

And this is why this particular user is moderated.

As you mentioned earlier, too many posts are about "what is the biggest amount of return can I get for the least amount of effort?" And this is why Bitcoin has such a huge following; the normies want huge returns for no work.

There is no doubt you are 100% correct.
While I completely agree with your point, the context of my question wasn't considered and it was misunderstood completely.
Or perhaps, I phrased it incorrectly and should've used different terminology.

In any regards, I fully understand and agree that looking for shortcuts is how normies stay normies.

What I was asking was - if you are copying a concept and skewing value or if it's a product, making or positioning it better than your competition, how much does the success of your competitor proves the need/demand in the market?
I personally feel, as though you should always validate the demand/market research/test the product no matter what. I just wanted to get a different perspective, if any.

This was turned into a massive, 'if you are looking to skip you are on the wrong path' etc.
I am 1000% aware there are no shortcuts and you have to put in efforts to create something that provides value. I was just trying to get different view points from individual experiences.

 

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[cikatomo]

Listen, I am in no position to teach, but I presume, if there is competitor and competitor is doing good than there is a demand for that product. It does decrease the risk of your idea by some %. There are many variables and it depends on the market situation so it's still good to do some validation.

 

[MJ DeMarco]

if you are copying a concept and skewing value or if it's a product, making or positioning it better than your competition, how much does the success of your competitor proves the need/demand in the market?

It proves a lot, but it also might prove they are a better marketer and executioner.

Poor products can be sold with excellent marketing. I've fallen victim to many.

 

[App88]

It proves a lot, but it also might prove they are a better marketer and executioner.

Poor products can be sold with excellent marketing. I've fallen victim to many.

Makes so much sense!
Thank you MJ!

 

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[App88]

Listen, I am in no position to teach, but I presume, if there is competitor and competitor is doing good than there is a demand for that product. It does decrease the risk of your idea by some %. There are many variables and it depends on the market situation so it's still good to do some validation.

Fair analysis! Thank you