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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

Honey Jhunjhunwala answered

When starting a company do not waste time j determining the level of competition, during starting focus more on giving quality product or service at best price with high degree of customer service