The Kelly Trach Show Why it Doesn't Matter if your Business Idea Already Exists
Oct 13, 2020
Learn why competition can actually boost your business prospects and validate your ideas. Discover how markets with existing players indicate demand, using relatable metaphors like the transition from CD players to iPods. Embrace your unique creative flair, as no one can replicate your vision. Hear about a successful startup that shares a similar concept yet has raised impressive funding. Understand the diverse consumer needs that thrive in competitive markets and celebrate your individuality in the entrepreneurial journey.
AI Snips
Chapters
Books
Transcript
Episode notes
Competition Signals Market Demand
- Having competition means market awareness and established demand, which makes business growth easier.
- Launching in a known niche is simpler than introducing a completely new concept.
Early Idea Like Thrive Market
- Kelly Trach had an early idea similar to Thrive Market's organic food subscription service.
- Rather than regret, she acknowledged her idea was on trend and a good business concept.
Diverse Consumer Needs
- Different consumers have different needs and preferences even for similar products.
- A strong market features many competitors to suit this diversity of buyer needs.
