We are an on-demand (Uber of X) startup service. We have about 10-12 competitors in our space. We are two co-founders that are new to the startup world/entrepreneurship with limited resources. We are at the idea stage with a bit of a social media following.
Too often, I’ve found that entrepreneurs push blindly ahead with an idea without stepping back at moments to assess where they’re at and, perhaps more importantly, where the market’s at. You are proceeding differently – well done.
That said, as you and your partner contemplate your company’s future, revisit the core reasons behind your decision to start up. Why did you think your idea would succeed? What market gap did you believe you could fill? How were you going to positively impact an industry or community? Does that purpose still fuel your passion and drive? Do you have the fortitude to sell that vision to investors, customers and other stakeholders?
If you’re still on track there, consider the marketplace. How has it changed since you first joined forces? How well are these competitors positioned? Is there still room to flourish?
Then, delve into the differentiation question that many here have mentioned.
Good luck and let me know if you need more assistance.
