Ever have a GREAT idea that you were sure you’d make a million bucks from? Then you find out that somebody already did it?
A successful entrepreneur knows that giving up is not the answer. Instead, here are some tips to help you make it into a success. Courtesy of Wil Schroter’s blog.
Oh $&*@#! – someone already thought of your idea – now what??
Don’t sweat it. You don’t have to be the first one to think of a good idea in order to make a great company happen. There are plenty of ways to improve the idea and make it work.
Execute Better – Anyone could have sold books on-line, but Jeff Bezos of Amazon did it better than anyone. Do not overlook the power of good execution. There are plenty of good ideas that are executed poorly. You can take just about ANY product category and likely do better than most competitors, if not all of them.
Narrow the Focus – Your competition is looking broad at lots of categories. Narrow your focus to one category that you know you can dominate. Determine whether customers care about a big, broad play or just one highly focused play.
Go Head On – Most companies do not handle competition well. If it looks like there is only one other company in your space, is there any reason you can’t make them #2 in short order? Just because they are the only game in town doesn’t mean they can maintain a #1 spot next to your competition. Maybe they are just #1 because no one has beaten them at their own game.
Give it a Spin – Similar to narrowing the focus, another way to shape your idea is to shift the spin a bit. NetFlix took an old model of DVD rentals and put the on-line browsing / through-the-mail delivery approach. Ironically Blockbuster then gave the NetFlix model another spin and allowed you to return your movies the same day to their stores like NetFlix could not.