Share Answer — Clarity

the startups.com platform about startups.comCheck out the new Startups.com - A Comprehensive Startup University

Categories

Browse Search

Loading...

Question

I want to start a company, but see another player in the space doing what I want to do. How do I determine the level of competition they'll be?

I have an idea for a company, but after doing some market research found that there is already another website doing the same thing. Think about if I was starting Lyft and I found out that Uber had been in business for 2 years, but didn't have many customers in my region of the United States. How would I know if I'll end up doing well (like Lyft did), or if I'll end up being crushed by the competitor. And what do investors say if they know there is already another company doing the same thing?

Entrepreneurship

Competitive Analysis

Answer

David Favor answered

Likely you'll never be first or best in any niche.

Also likely you can still live very well.

Find your unique voice to communicate about your offerings.

The more uniqueness you inject into your messaging, the more you'll attract your perfect audience + repel others.

A tried + true path to maximum cash for minimal work.