The Entrepreneur Forum | Startups | Entrepreneurship | Starting a Business | Motivation | Success

Should I worry about getting crushed?

Accelerate wealth. Build a business that pays freedom. Join more than 70,000 entrepreneurs and register for the Fastlane Entrepreneur forum. Remove ads? Join the INSIDERS.

DangerousDave

Contributor
Read Millionaire Fastlane
Apr 12, 2018
37
31
48
Upper Peninsula, MI
So I have an idea that I believe is really good, viable, and helps people. It is something I would use, and I believe many other people would be interested in using.
Of course, I dont want to say what that is, but it would save people $, and time.

Let's just say I create a website with this new feature to save money, and a big dog in the industry comes along and sees what I am doing. I cant see anything patent-able in the idea, so they could easily add the same feature to their website, and potentially crush me.

To start it will not be cheap. It will require building a fairly complex website, and a lot of marketing. But I can also see a very good upside to it, especially if I can scalp their customers. I think that would be possible as their fees seem very high. So once well established, I could perhaps undercut them even if they do, but if they acted before I was established. . . it might be lights out.

So my question is how much do you worry about putting your time/money into a business knowing they 1000lb gorilla could rip your arms off?


I have a smaller but related lead generation idea that I could do that would keep me under the radar, but also a much lower income potential, and probably more day-to-day work. If I create the right processes, though, maybe both would be options I could do simultaneously. This option would probably be much faster to implement though.

Any thoughts?
Thx!
 

Twiizlar

Bronze Contributor
Speedway Pass
Mar 4, 2012
343
378
194
25
This can apply to any business that doesn't have to do with a patent (most of them). This is called competition.

As long as you have good USPs and a good strategy, it would be worth a start.

Manoj Bhargava and 5 hour energy comes to mind. You think that he shut down his business when Redbull and Monster ripped off his idea of having a caffeine shot?
 

Andy Black

Making a nuisance of himself on Twitter
Staff member
EPIC CONTRIBUTOR
FASTLANE INSIDER
Read Millionaire Fastlane
Speedway Pass
May 20, 2014
12,192
48,334
4,306
Ireland
To start it will not be cheap. It will require building a fairly complex website, and a lot of marketing.
I’d be more worried about this than any 1,000lb Gorrillas.

Can you start cheaper? Can you make a sale this week?
 

ApparentHorizon

Platinum Contributor
Speedway Pass
Apr 1, 2016
944
2,790
653
Greenville, SC
It will require building a fairly complex website, and a lot of marketing

I've worked with websites for the past decade. The clients who come up to me and say, I want XYZ ABC 123 ASDF, usually don't go past a soft launch.

The ones that say, I want a website that does A, are the ones who go on to make millions.

I have a smaller but related lead generation idea that I could do that would keep me under the radar, but also a much lower income potential, and probably more day-to-day work. If I create the right processes, though, maybe both would be options I could do simultaneously. This option would probably be much faster to implement though.

If people are copying you, you're on the right path.
 
D

Deleted50669

Guest
I've worked with websites for the past decade. The clients who come up to me and say, I want XYZ ABC 123 ASDF, usually don't go past a soft launch.

The ones that say, I want a website that does A, are the ones who go on to make millions.

What qualifies "does A", singular functionality / purpose, like a microservice?

If people are copying you, you're on the right path.
 

DangerousDave

Contributor
Read Millionaire Fastlane
Apr 12, 2018
37
31
48
Upper Peninsula, MI
I’d be more worried about this than any 1,000lb Gorrillas.

Can you start cheaper? Can you make a sale this week?

Fair concern and question. Can I start cheaper? Yes. I can greatly simplify the plan, making it straight lead generation. But this week, no. I have to build the business list before I can start giving them leads. It's not a local thing and not as easy as looking in the phone book (figuratively speaking). So it will take more work up front to build that.
 

Andy Black

Making a nuisance of himself on Twitter
Staff member
EPIC CONTRIBUTOR
FASTLANE INSIDER
Read Millionaire Fastlane
Speedway Pass
May 20, 2014
12,192
48,334
4,306
Ireland

PizzaOnTheRoof

Moving Forward
FASTLANE INSIDER
Read Millionaire Fastlane
I've Read UNSCRIPTED
Speedway Pass
Jul 30, 2018
1,176
2,544
671
Texas
You better hope someone tries to rip you off...
...that means there’s a market ;)
 

whiz

Silver Contributor
FASTLANE INSIDER
Read Millionaire Fastlane
Speedway Pass
Nov 29, 2017
198
683
273
30
New Jersey
Both your businesses are just ideas now

Pick the one that's easiest to turn into a reality

Take your Minimum Viable Product and get one sale

Get more sales

Gain a ton of business insights from the easier idea

Then tackle the bigger idea with your newfound biz skills

Or you might find that the "small idea" absolutely takes off and you don't even care about the bigger idea for the time being

But you'll never know anything by just keeping it in your head

Start on the "smaller but related" idea today
 

DangerousDave

Contributor
Read Millionaire Fastlane
Apr 12, 2018
37
31
48
Upper Peninsula, MI
Ok, thanks for the feedback guys.
I'll not worry myself with the "what if's", and get something done.
I'll put the big site on the back burner, focus on lead generation for the short (and possibly long) term, and see where that goes.
 

Davejemmolly

Bronze Contributor
Read Millionaire Fastlane
I've Read UNSCRIPTED
Speedway Pass
Oct 1, 2018
105
237
162
Australia
I'll put the big site on the back burner, focus on lead generation for the short (and possibly long) term, and see where that goes.

Wrong answer! Put your big boy pants on and go for the audacious idea!

If you never do it, even if your ‘easy option’ goes well, you’ll forever be wondering if you could have made ‘the big idea’ work
 

DangerousDave

Contributor
Read Millionaire Fastlane
Apr 12, 2018
37
31
48
Upper Peninsula, MI
Wrong answer! Put your big boy pants on and go for the audacious idea!

If you never do it, even if your ‘easy option’ goes well, you’ll forever be wondering if you could have made ‘the big idea’ work

Implementing the 'easy option' will help me to move toward the audacious idea, so nothing is lost.
 

Sponsored Offers

  • Sticky
MARKETPLACE NEW: The Best School for Going Fastlane (Now open for summer enrollment)
I made a new personal quiz system which I think is twice as good as the original... If you fill...
  • Sticky
MARKETPLACE Lex DeVille's - Advanced Freelance Udemy Courses!
Yo! In 24 hours my Udemy courses go bye bye.. (for real this time) Gotta make way for...
MARKETPLACE Fox Web School "Legend" Group Coaching Program 2021
Any update? Hey bud! When I can squeeze out the time to work, it's been going pretty well...
MARKETPLACE Not sure how to start? This free book will teach you how to build a successful web design business
Hi Fox. Starting the book and got through the introduction. Had a conversation with Andy Black...
  • Sticky
MARKETPLACE You Are One Call Away From Living Your Dream Life - LightHouse’s Accountability Program ⚡
Chris is super sharp and is aware of many facets of entrepreneurship and can help get your...
  • Sticky
MARKETPLACE Entrepreneur's Toolbox: Company Formation, Virtual Mailbox, Registered Agent, Remote Online Notary
Appreciating the transparency and lack of hidden fees. The website is very up-front and user...
Introducing MJ's Personal Unscripted Network, Join Now for FREE!
Any chance to make it available outside of US? It has been available outside of the US on...

Forum Sponsor

Learn Fastlane Business Skills & Get Profitable Within 30 Days...

Get Started Now

New Topics

Fastlane Insiders

View the forum AD FREE.
Private, unindexed content
Detailed process/execution threads
Ideas needing execution, more!

Join Fastlane Insiders.

Top Bottom