Copying a business, or how to capitalize on other people’s ideas
Copying a business is a really powerful tool for creating a truly solid business. And let them say that this is bad, that originality and creativity are valued higher, that copying a business is inefficient, etc. More than 95% of fundamentally new businesses fail. Yes, there will be those who shoot, of course. But their number as a percentage of the number of attempts is negligible. And that is a fact.
Starting a business in a non-existent niche is not a business risk, it is just a hope that maybe you will be lucky. And building a business on one hope is at least unreasonable. There is no way to plan, analyze, make informed decisions. Everything will be based on the same assumptions. And you won’t build a business like that, friends. Yes, maybe lucky. There are chances – however, a maximum of 1%. Want to try it. Good luck By the way, you really need it :-). And then I write for those who have a different attitude to how to start a business.
Copying a business is an effective tool for creating your own business
Why is it worth copying someone else’s business?
Copying a business is an old business idea with a new twist. And copying a business has several advantages. The real real benefits. Let’s list them:
When copying, you start a business in an existing market. And even if there is competition, it is much easier than creating a market. That’s for sure. Of course, it is very good if you manage to find an existing market where demand greatly outweighs supply, that is, competition is low. But there are few such niches, and they usually relate to complex products.
The risk of copying a business is substantially less. Entrepreneurship is a risk, they say. Yes, it makes sense. But this risk is controllable and more or less calculated. But in a completely new market, this is completely wrong. You do not have any information on how the market and audience can react to a fundamentally new product. Maybe the world giants can do this, but not to small and micro businesses. And here we are talking specifically and only about small and micro business, I have written this more than once.
Initial costs are significantly reduced. Breaking through an existing niche, no matter how busy it is, will cost less than creating demand from scratch.
It works easier and you will have less stress. Still, this is a familiar environment, albeit only by observation. At least that’s why copying a business is better :-). And this is not only a joke – it can really affect your energy and desire to grow your business.
In the market today, the vast majority of successful businesses started as copies, I assure you. I want to emphasize: the uniqueness of a business is not to come up with a completely new product, but to introduce new features into the old, present differently, improve some qualities, provide a different service, etc.
Another obvious minus of the “unique business” is the desire to find a unique product. Many potential entrepreneurs never start their own business – they simply get lost in their own searches.
How to capitalize on other people’s ideas, or how to copy a business?
Firstly, a little reservation. I do not want to say that the world does not need new products, and no one will invent them. Will, of course. I already said that those who can do it can and will do it. So take good successful examples and copy them. On its own scale, of course. Copying someone else’s business is fine, don’t worry. And this is the key to success if you correctly complete your part of the task.
In this case, of course, do not expect someone to come up with a new successful business, and you will copy it. Take any existing successful business, analyze it, ask the following questions:
What do they do to be successful?
What is your observation (moment, process or tool) that most likely ensured them this success?
What kind of marketing do they have? What is their market behavior? Why?
What do they actually offer (not what product, but what exactly do they offer to the consumer – we already know that the product is a solution to some problem)?
Next, take the industry leader and think:
What exactly are they better than competitors? As a product? In customer service? In marketing and advertising? In an additional service? In everything?
What do they do differently?
What is their greatest value? What is most important to them?
What exactly are they recognizable in the industry market?
Answers to these questions will give you an understanding of how a successful business is built. Do not think that you can do everything the same way – and here is a successful business for you? No, not really, of course, but nonetheless. Of course, you can’t just take and copy all the elements of a business. Copying in the truest sense of the word is still not the best option. Copying a business in a good way is the beginning of your business with an eye on someone else’s successful business. But, emphasizing