I have been asked this question a few times in the last two weeks. Do you give up on ideas if somebody else is already doing it?
My immediate reaction to this question before would be “No”. No way should you give up on a idea if somebody else is doing it. If the idea is something you are passionate about then you should go ahead and pursue it.
But this thought has started to change the more I work and continue to understand how businesses operates. Now when asked the same question, I usually start with questions such as “do you have competitors?”, “who are your competitors?” and “how are they solving this problem and how do you plan to solve it better than them?”. Of all the people I have spoken with, no one seems to give these questions a thought.
It has never been easier to start a online business these days. There are lot of tools which promote being able to create websites and application in a few days or weeks. Creating though is only step 1. How do you market the idea? How are you solving the issue at hand for your target audience? Questions like these need to be thought of before starting.
Personally I have given up on a few ideas I had. The competition was already doing it much better than I could have dedicated my resources to solve the idea.