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Barrier of Entry is my only concern.

Discussion in 'Ideas, Needs, Concept Feedback' started by someone0815, Jan 23, 2019.

  1. someone0815
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    someone0815 New Contributor

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    Hey folks.

    So i finally found my opportunity to serve a need. It literally screams in my face to be fulfilled. It perfectly fills all CENTS Business Commandments. Almost. I found a competitor afterwards who does kind of the same. I just see huge flaws and opportunities for improvement. Now comes my question. The barrier of entry is somewhat low so i have some questions to people who stuck to the same problem on how to deal with it.

    I need to find out if its already patented. And see if my changes would comply with the law. (I guess thats where a lawyer will be needed).

    But my concern still stands. Lets say i manage to research, create and publish my online-business (subscription/revenue-sharing). And most importantly market it aggressively, correctly and successfully. Lets pretend its now making a decent revenue and the future looks bright. What is keeping the multi-billion corporations away from simply creating an imitation and take advantage of their throwaway millions (pennies for them).

    My only chance would be to establish dominance early in the market and build my own brand. Im pretty sure my model is not patentable because of one: it doesn't comply with patent requirements. and two: it already exist (even if not exactly as mine).

    I guess that's the challenge. Be good. Be better. Be faster. Be smarter. All of these could be accelerated with money. Which i don't currently have. And making it would cost me more valuable time. It really feels like this journey is predestined to fail. But only because i dont have enough experience and somewhat don't know what to do.
     
  2. Sebastya
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    Sebastya Bronze Contributor

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    There's copycats in every business, so it really shouldn't be a reason why you don't start.

    Maybe you can launch a MVP and see what kind of feedback you get before going all in?
     
    Kruiser and someone0815 like this.
  3. someone0815
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    someone0815 New Contributor

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    But that's not my problem. I already know its going to work. It just feels like i have no chance as one man competing with big corporations with the power of hundred man if they're willing to.

    And i obviously will do it anyway. It just feels like assembling a complex watch without any help and the potential/chance that it will be stolen at the end.
     
  4. D_Benga
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    D_Benga New Contributor

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    1 - You can search the patents here > Google
    2 - Worry about the Billion $$ competitors once they figure out your success. In the meantime focus on gaining market share. You will have plenty of time to set yourself apart from others and have good relations in the market.

    Good luck
     
  5. Mainstream7
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    Mainstream7 Beauty is Truth

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    Problem isn't the competitors. Problem is you don't take action.
     
  6. 404profound
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    404profound Gold Contributor I've Read UNSCRIPTED Speedway Pass

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    Not all competitors will attack you. It depends on many things. Ultimately, all you can control is your willingness to put in the work DESPITE the risk. In some cases competitors can be negotiated with into partnerships. The consulting firm I used to work at made a habit of acquiring any emerging threats in the same market, which would be your best-case scenario.
     
    Kruiser likes this.
  7. amp0193
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    amp0193 Legendary Contributor Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR Summit Attendee

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    Why would they?

    It'd be much easier to just buy you out when you get big enough.

    So, get to work!
     
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  8. QuikCoin
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    QuikCoin Contributor

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    Worrying about where your gonna be in a few years, isn't going to help you today.

    If you think the journey is predestined to fail then I can guarantee it will.

    So what if they rip you off, you made a little money, got some experience, and hopefully some connections and you can pivot from there. You will be in a much better position then you are in now.
     
    404profound likes this.

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