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Ask HN: How do you react when you see another company doing what you intend to?

10 points by good_vibes ↗ HN
I've been fleshing out a new concept for an old idea. I haven't seen anyone 'do it right' and I've learned there is a market demand for this platform. However, I've discovered a local startup that is kinda doing what I want to. I'm trying not to get discouraged or in my head too much, so I'm asking here for some guidance on how you or someone you know has dealt with the same situation.

15 comments

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PaulHoule
I've been told that competition can be a good sign.

If nobody else is doing what you're trying to do, it may well be it is a crazy idea with no legs. If somebody else is doing it, it means there really might be a market.

samangan
Exactly. I would go one farther and say that if there is no competition for 'an old idea' you are most likely in a lot of trouble. It's a common trope that engineers google ideas and then give up because there is already competition, while the business folk see $$$. The fact that there is competition usually means there are customers.
good_vibes
This space is growing a lot if Instagram and articles in popular publications are any indication. I'm honestly surprised no one has cracked this nut yet, even a few major companies have tried and nothing has worked at scale.
awjr
Isn't this simply a case of execution?

Everyone has ideas. I had an idea for a product. Then a couple of years later somebody was selling the product and seemed to be doing well out of it. I was pleased that at least it was out there. I had my chance. I didn't execute on it.

So the real question is, can you be first to market? If not, can you execute better than them? Can you join them? Ideas just happen all the time.

good_vibes
You're right. I'm glad I asked, I need to get over my 'but-I-didn't-go-Harvard' internal dialogue

I think this space is missing a critical component. That's why they have all failed to scale beyond a little early traction. The branding is very wishy-washy, nothing that resonates across many cultures and perspectives.

siegel
Can you do it better, faster, or cheaper? That's the big question.
good_vibes
I think I can, so I'll try. I have nothing to lose. Worst case, I'll use it to improve my skills and to land a job.
ajeet_dhaliwal
Look for any differences between what they are offering and what you are. Seemingly small differences can actually be big things for customers when it comes to ease of use, functionality and preference. Usually competitors don't approach things exactly the same way you are I've found and the differences can make your offering better.
good_vibes
Noted. I get psyched out thinking 'they are already at 25k followers and I have 0'. But when I stop and look closer, they could buy followers because their content is not that original or powerful to have that many followers organically.
id122015
When you talk like that many will think they are going through exact the same things like you.

The greatest thing I discovered about going independet is that there is a salary limit and above that money does not bring any more satisfaction. So there should be space for everyone, forget about competition and negative emotions. As for that limit some say that a few thousands per months is enough to live well. Well for me even one thousand usd/eur is enougn because I rarely make more that that as employee. Just get used with copy cats there is no escape.

good_vibes
duly noted. Expectations play a major role in happiness. I read a great article from DHH about his life before and after 37signals.
RepressedEmu
I used to get very discouraged whenever this happened to me (which is often since very few ideas are original). But then i had a thought:

"If you want this offering and have never heard of this other company then THAT is your opportunity"

It means that at least one customer(yourself) has not been reached by your competition so there are probably many others in the same position as you. You just have to reach those uninformed potential customers first or more effectively than your competition.

I hope that thought helps!

good_vibes
YES! You are right. This is exactly why I am compelled to try one more time. I see a frontier that is market is not reaching for, they are thinking too small and conventional. I honestly think branding, rhetoric, design, and features could all be a lot simpler and more meaningful to the target demographic.

Here we go again, this time with more experience and perspective. :)

tarunkotia
I can think of 2 positives in this: 1. It provides validation to your idea. Your job is somewhat reduced to validate and find a product-market fit. Remember, it's not a zero-sum game, there is enough room for both of you. 2. Use your competition as a baseline for your product/service. You can use the gravity/momentum from competition to catapult yourself to higher velocity or get sucked-in.
good_vibes
True. Looks like I better start building my rocket and prepare for a test launch.