The Dirty Secret of Entrepreneurship: Everyone's Copying Each Other
Dec 7, 2023
auto_awesome
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.
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.
The Power of Copying and Referencing in Entrepreneurship
In entrepreneurship, there is no such thing as an original idea. Everything is a remix, and referencing and copying from others is a common practice. Copying can be a valuable strategy for success, as seen in examples like TikTok, which was a rebranding of an existing app, Musically, and Instagram, which adopted features from competitor Snapchat. Successful entrepreneurs like Mark Zuckerberg have built empires by effectively copying and incorporating successful ideas into their businesses. Copying allows for learning from existing successes and finding unique combinations that resonate with audiences.
The Value of Copying in Building a Business
Copying can be a useful approach to building a business, especially for those starting out. It can provide inspiration and act as a launchpad for growth. By examining successful businesses and incorporating similar elements while adding one's unique spin, entrepreneurs can replicate proven models. Platforms like Flippa allow aspiring entrepreneurs to explore existing businesses for sale and understand what's working in the market. Successful examples, such as a dropshipping site that emulated a popular brand and a creator who replicated a successful product with a different target audience, showcase the value of copying and finding success through differentiation.
Copying as a Powerful Entrepreneurial Tool
Copying is an essential tool for entrepreneurs to leverage in their journey. The idea that everything is a remix and drawing inspiration from others is valuable and beneficial. Seeking inspiration from successful businesses, sales funnels, or marketing strategies can lead to innovation and growth. Copying existing successful ideas while adding one's unique touch can drive creativity and growth. The act of copying should be viewed as a form of inspiration and a way to create a unique combination that resonates with customers. By embracing the power of copying, aspiring entrepreneurs can fast-track their path to success.