BOSSY
The Dirty Secret of Entrepreneurship: Everyone's Copying Each Other
Dec 7, 2023
Katie and Mark discuss the dirty secret of entrepreneurship: copying. They explore the pros and cons of benchmarking, the art of copying and referencing, and using Flippa to find successful businesses. They also share real-life examples and workshop activities to inspire innovation.
37:15
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Quick takeaways
- Copying an existing business model and putting a unique spin on it can lead to success, especially when targeting a specific audience.
- Entrepreneurs can leverage the power of copying by learning from existing successes and finding unique combinations that resonate with audiences.
Deep dives
Copying in Business: Do It Better or for a Niche Audience
Copying an entire business model can be a successful strategy if done better or tailored to a specific niche audience. Pressure to outperform the original may not be necessary, as finding a unique angle for a specific audience can be the easiest way to succeed. Examples like the German brothers who created a German version of eBay and sold it to eBay itself showcase the power of regional exploitation. Similarly, Starbucks differentiated by offering a European café-like experience to an American audience. The key is to find what others are doing successfully and put your own spin on it, targeting a specific audience for maximum impact.
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