Competition can be a good thing.
Few days ago I saw a competitor of my service https://www.nocodepayments.dev/, that I have been working really hard to stand it out from others and at first it was endgame for me.
but soon things got better.
Competition can be really scary, but there are some good outcomes of competition too.
1.idea validation at some level
2.you can analyze you competitor and learn from them.
3.some time market is big enough that it can encompass all product/services.
4.sense of doing something valuable
5.It simply motivates you.
anything you want to add 👇
Absolutely true and crucial one to know everyone!
yes!
true and very important ones, saves a lot of time
Absolutely! When I started Bear it wasn't due to a lack of competition in the blogging and website building space. There was just a bit of something extra (or in this case something subtler) that I believed I could execute on well.
Yeah we just have to find those little things that makes us better.
BTW Bear looks cool will write on it soon.
Some venture capitalists like Peter Thiel say competition is for losers, but the truth is most businesses operate in a competitive environment. Very few build monopolies like Google.
For an Indie business, you should absolutely embrace competition because it's a de-risking factor for your company. You just need to find the right audience and slice of the problems you can tackle with your own secret sauce :).
exactly, even google had to beat some competition before monopolizing market.
and today when there are so many businesses it's really hard to find a solo market.
💯 - don't start with wild ideas in markets that have no competitors, unless you have a lot of money to burn and too much imagination lol.
On a related note, you should talk to users before building your product. When talking to users to understand the problem you should solve for them I recommend writing a discussion guide ahead of time.
I think one more big think about competition is the pressure! You wouldn't be producing your product as fast as you could and with the highest quality if you weren't experiencing any sort of pressure.
Competition forces companies to offer the best price they can.
In general, competition will also force more innovative products and solutions that better serve customers at lower prices.
exactly, it just make improvements a necessity.
Maybe, if they get nervous and offer you a bunch of money for what you're doing or a decent merger deal! In the digital sphere, competition is really vexing and nebulous. It's winner take all so often in the digital world, so if you're the winner, then yes, competition doesn't matter.
In the physical world- ever notice how gas stations are across from each other, fast food joints and clustered together, etc? They actually support each other, bringing customers into the same area. Physical stuff tends not to be winner takes all.
Its natural for us to think: new competitor, risk of market share decrease.
However, consider that this company will be marketing and educating potential customers. This can create new customers and increase the market.. new customers that you can take for yourself if you do a better job then them. :)
What I would ask is: New customer, why do they think its a good idea to enter the market? What do they know I dont? What am I doing that they plan on doing better?
I totally agree @navdeep_dh. Recently discovered a close competitor to our offering and it's been a great opportunity to step outside the box to figure out where we're lacking features etc. Still intimidating to see that we're going up against a funded company though!
exactly, our competitors have a pretty good team of experienced people and great to see some validation as currently we don't have much users.
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