People often ask me what to do when they have an idea and there is already a company or another startup in the space.
The fact that there is another startup or company in the space you are looking at should not stop you from exploring further. In fact, it’s good news, and something you should be happy about. If you are the only one in a certain space, either other people have tried and failed, for whatever reason, the space is too small or you are a brilliant genius (and that’s a lonely life..so….)
For example, I want to start a company that removes seats from small cars, so more clowns can fit in (No, I’m not talking about limos for the grammys) No one else might be in the clown car space but clearly this is a terrible idea. Now if I wanted to build cars that fly (and had the tech ability), there are others in the space, but its a growing market with a lot of potential and interest.
Lots of people come up with lots of ideas. The magic is in the execution. Are you the one who is going to take this idea and crate something different, create something special, something lasting, or will it fail and fold when you hit the first road block. There have been ideas that I have had, businesses I’ve launched that failed fairly fast, while competitors in the space ended up outlasting and outsmarting me. I’ve also launched companies where I was a stubborn bulldog and kept pushing until I made it work out. Now a lot has to do with your passion, your patience, your perseverance, and all three mixed up and mixed in with the idea, the market and your ability (creativity) to get you and your product in front of people.
So, is this what you want to do? Is this the idea you want to fight for….no..I’m not talking about fighting your competition. Is this the idea you want to fight your own laziness? Your own surrender instinct. Your own give up attitude? Believe me, all these are in you, in everyone, and it’s the hardest thing you face in a startup.
The final piece to the puzzle or the ingredient to the stew? Luck. Yeah, luck. It may not be popular to say but it’s the truth. Now, you can help luck along by being ready. Making yourself knowledgeable and informed. Getting out there and meeting people. Helping people. Keep yourself mentally and physically fit. Exercise, meditate, and keep your mind and body primed. When your opportunity comes, and it will, be sure you are ready to take advantage, be sure you have a network of people to get help from, and be sure you are mentally, emotionally balanced, and then grab that opportunity and own it.
I’ve learned from bad experiences more than good ones. And what I’ve learned is patience, perseverance and trying many different approaches until something sticks. If you are willing to do that, then that’s awesome. If not, that’s great too, because you wont waste time and money. Find the idea that you can fight for, and damn the competition.
Thanks for joining me on this journey. It wouldn’t be the same without you.
Let me know what you think: @talksouk