Piyush Soni .

What would you do, if you notice that your business idea already exists?

Does it happen actually often to you that you have an idea to solve a problem, but after searching on the Internet, you notice that solution is already there?

What would you do in a similar situation??

Would you give up or would you see it as a good sign, as someone has already tested your idea?

Originally Posted Here

Subhra Banerjee 

Good sign

Piyush Soni

Had this happened with you in the past??

Subhra Banerjee

not particularly. But if you look around you would find similar ideas, but what matters more is the way it is executed, what you learn in the journey and improve to build a strong competitive edge.

Piyush Soni

 True execution is the key here!! All big players did the same for better profits and establishment!!

Vichar Shroff 

Depends on the idea and market. But definitely a good sign of validation. The execution, differentiation and positioning will be much more important than the idea. It's not about who does it first rather who does it better

Piyush Soni

💯 agree with you here. Had you been in this situation before?

Vichar Shroff

Yes have been. Deciding on an early differentiator and market placement would surely help nagivate the early doubts one would have after seeing a competitor/behemoth in the idea one has.

Sanjeev Himachali

 So, what? Zomato-Swiggy, MakeMyTrip-Yatra-Experia, Uber-Ola. Market is big enough to accommodate many players.

Piyush Soni

True but dont you think one has to compromise in the long journey??

Sanjeev Himachali 

Compromise? For what? Eventually...everything boils down to #CustomerService. The one who provides great service will stay in the market.

Mohammed Ali

Exactly what I was going to say. Everything boils down to customer service.

Piyush Soni 

Great answer and exact to the point! You can always offer better customer service/price than your existing competitors.🙂

Shivakumar Valadi

So your idea works... Now it's upto you to make it differentiated and unique..

See where the product or service delivery model can add more value to the customer, any commercial model which can make it more economically attractive

In short, make the idea uniquely yours by adding your special perspective

Piyush Soni

Got your point sir!! 🙂 Nobody has a 100% market share. There is always an untapped market potential that you can take advantage of!!

Shivam Malhotra

The market has space to accommodate most of the players,the success of your business depends on your execution.

Competitors create a segment and makes the industry bigger,they aren't bad for business.Eventually,the best business wins!

Piyush Soni

But the profit margins have to compromise dont you think?

Saurabh Vij

People who are giving you advice to compete and gain more share of the pie are not really giving you the right advice
I won’t recommend that
Consider this: in every market, there are top 3 players and then there is everyone else
Top three share that market generally in this ratio: number 1: 60%
Number 2: 30%
Number 3: 5-7%

So ask yourself if you are among top 1 or 2
Otherwise just leave that market “unless” your value proposition is 10 times better than the top 3 players in the market

This idea of gaining small market share of a big market is really screwd up so either be 10 times better or leave that market or offer a really differentiated proposition

Piyush Soni

 How can we identify if we are in the top two or not??

Saurabh Vij

Study the market and the segment you want to enter
Understand where the money is flowing
Who’s taking away the 80% share
Example: aws and azure right now dominates the cloud computing market
Google is catching up
Now it would be foolish to become 4th or 5th player in this market unless you want to focus on a specific segment and comes up with a 10x better value offering

Punit Gandhi

So I have 2 points on this:
1) 7 billion people live in this world and more than 1.3 billion in india. So whatever you think of will never be so unique that someone has not experimented with it before. Innovation in any field is an accumulation of small unique steps over time.
2) if by any chance you think that you have come across an idea which has never been thought before, it will take you years and years for people to adopt it, cause people are not familiar with your thought process and will hesitate to experiment with it. But if you can show that something like this exists and has potential, people will be more willing to experiment.

Piyush Soni 

True. I agree with you 100 %. Innovation is the key here!!!

Devashish Datt Mamgain

this is a good sign. In fact, i would be worried if it doesn't exist in some form or other, because that might mean either i m elon musk type:)or its a bad business idea with no money.

if such an idea exists then figure out what are the gaps in thecurrent solutions, what expertise, unique insights do you have that can perform 10x than others, or bring a new dimension to it. when Google was started, search engine was not a new idea. there were search engines available at that time. how Google founders executed and took to a whole different level was the important part

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