A big problem that a new comer faces in business is as follows .
“Almost every idea that I get is already taken up by someone else” or “During research I found that not only my idea is taken but the also the business has implemented the idea has already acquired significant market”. Often the entrepreneur is forced to drop the idea and look for alternative instead of pursuing the original idea he or she was passionate for .
Two ways to resolve the problem
a) Grow your market share in the same marketplace ( and still be a no.2)
b) Look for a marketplace that is unexplored and expand into it. ( and be no. 1 there)
There are a few problems with this approach
- It is hard to discover new market
- It takes time to develop it
It may take a little bit of competitive analysis but this approach is better than fighting in the same market.