When to drop an idea?

[Phillipbro]

Okay, so you've done some in depth niche research and have come up with an excellent idea that fulfills a
need, and could easily fulfill all the commandments. You start thinking of the designing, prototyping and
manufacturing, and its all looking great (in your head) until one thing... You do a simple Google search
and boom, a competitor already in the manufacturing and distribution phase.

So I am currently in this situation where I have a great idea after tons of research, but there is just ONE
competitor who is doing great in terms of design, however the marketing is not doing so well. The
page receives about 4,000 unique visits a day. The price is also a bit overpriced. Although I feel this
competitor lacks in the marketing department; he or she has done a great job with the design, features,
and manufacturing.

My question here is how do you know when to tackle an idea that has competition? Should you just go ahead and attempt to differentiate even though the competitor seems to be fulfilling this need or build a similar product but market it better? Or just drop the idea altogether?

 

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[Mike39]

My question here is how do you know when to tackle an idea that has competition? Should you just go ahead and attempt to differentiate even though the competitor seems to be fulfilling this need or build a similar product but market it better? Or just drop the idea altogether?

No, you have to start a business that nobody has ever done before! *sarcasm*

Competition means that there is probably a need and if they are making money, means you will likely be able to as well. In fact, I would be more worried if you didn't have competition.

Beat them in marketing, beat them on price, beat them on quality, have better branding, tell a better story than them, buy them out; choose any one or more of those and you'll be in business.

Many times, there is room in an industry for more than a single company, if not, your challenge is to crush them under your boot.

I like competition, keeps me form getting complacent.

 

[FastLearner]

If it doesn't have the capacity to evolve.