Is it wise for a startup to produce similar product to the ones in market?

[maventiger]

I asked a mentor in business same question some years back and he asked if I truly want to make it in business.

To be successful in business you need to think of something new. Whatever product you have in mind as an entrepreneur must be new. That is the only way to make it and have fair chance to succeed. An entrepreneur should be ready to compete with the brand or product dominating the market if your brand or product is similar to the ones available in the market. As a startup, the business can’t compete at such level if your output is not backed by economics of scale.

For an entrepreneur to be successful you must be willing to do something new.

What are your views?

 

[chommyluv]

I asked a mentor in business same question some years back and he asked if I truly want to make it in business.

To be successful in business you need to think of something new. Whatever product you have in mind as an entrepreneur must be new. That is the only way to make it and have fair chance to succeed. An entrepreneur should be ready to compete with the brand or product dominating the market if your brand or product is similar to the ones available in the market. As a startup, the business can’t compete at such level if your output is not backed by economics of scale.

For an entrepreneur to be successful you must be willing to do something new.

What are your views?

I stand on that too, as a startup, you need to think of what will distinguish your product from others; it may be with your brand, packaging or taking your product to your customers door post. You must stand tall from other competitors in the market for one to last long

 

[Nuonuh]

I asked a mentor in business same question some years back and he asked if I truly want to make it in business.

To be successful in business you need to think of something new. Whatever product you have in mind as an entrepreneur must be new. That is the only way to make it and have fair chance to succeed. An entrepreneur should be ready to compete with the brand or product dominating the market if your brand or product is similar to the ones available in the market. As a startup, the business can’t compete at such level if your output is not backed by economics of scale.

For an entrepreneur to be successful you must be willing to do something new.

What are your views?

every start-ups business requires time to fully inject into the market gradually... Patience and persistence is key... The originality of the products you put out and how well you trust the product to perform

 

[KingAries]

The value of what you produce would determine what to do. You should create for yourself a USP that would make them compete favourably in the market against the giants but then if you feel creating a new product would give you the desired leverage. So don't fall into the trap of creating a new product to get in business.

 

[IamDozzy]

In my opinion, it isn't wise creating a product similar to the one in the market as a startup. Your product should be better than the one in the market if you hope on penetrating the market and displacing similar existing product. When your product is exactly similar to the one in the market, it would be hard to penetrate the market and get customers because your brand is yet to build credibility.

 

[Trexxxy]

Well, you don't necessarily have to do or create something new. You can just decide to improve on a particular product, add new features and rebrand, yes the competition is there, but if you apply the right strategy why not?

 

[LaylaG]

as far as I know I don't see anything wrong with it you can start producing anything you want to produce as far as it is legal in your country but for you to get the desired people to patronize you you must make your product or service is as unique as possible from the one that is in the market.

 

[Highflyer]

There is no harm in creating what is similar to the products already in the market, you can still make better sales depending on your branding strategy. If you however find a chance to be unique in creating your own brand, don't hesitate to do so.

 

[Chumzy]

I don't think it is wrong or bad to produce a similar product to one in the market. You could either carve out a market niche and focus on that part of the market. You could also use price cutting as a strategy and therefore offer a better price.

 

[Muhammadawais]

You are able to gather input by talking about your start-up concept, perhaps, with people you trust. You could become aware of rivals you did not know about, problems you remained unaware of, or perhaps fundamental flaws in the potential go-to-market plan by sharing the concept with people you trust.

 

[tuna89]

As an entrepreneur, you have to always research and produce something new which can solve the problems of the people, at the same time there is nothing wrong in produce a similar thing already available in the market, all you need is to upgrade or change the taste to suit the people. This is why there is competition in the society. I would prefer to research on something new and unique which would solve more problems and bring higher profits.

 

[Hasan Raza]

The estimation of what you produce would figure out what to do. You ought to make for yourself a USP that would cause them to contend well in the market against the goliaths yet at that point on the off chance that you feel making another item would give you the ideal influence. So don't fall into the snare of making another item to get in business.

 

[Philip Omotayo]

There is no business without a replicate of it in the market. And having discovered that, one need to put tenacity into doing something that is competitive in nature. When is competitive then, one must be rest assured that, it would move market. You see it is not a enough to have a hostile product, a similar product boost market.

 

[abayomibsk]

advantage!
it is an advantage for you to produce something similar, but​

make sure that the particular commodity is well produced and possesses some features that consumers desired at most which the earlier products from other producers lacks. You can used their common mistakes to improve the quality of your products.

 

[Richard92]

Yes it is possible it all depends on quality.as a starter in a business you have to make your products even more quality than those in the market this will make customers go for your product I prefer your product more than others in the market.

 

[Patrik]

if you believe and think that you are going to bring something to that specific product that doesn't exist in the market already, then why not, you can surely compete even as a new business or company

 

[Blue house]

There is nothing wrong in a startup producing similar products that are already in the market.
But what matters is that it must have a unique or distinctive features that will make it better than the one already in the market, but the best is to start with a new innovation.

 

[Kayzzy3]

I asked a mentor in business same question some years back and he asked if I truly want to make it in business.

To be successful in business you need to think of something new. Whatever product you have in mind as an entrepreneur must be new. That is the only way to make it and have fair chance to succeed. An entrepreneur should be ready to compete with the brand or product dominating the market if your brand or product is similar to the ones available in the market. As a startup, the business can’t compete at such level if your output is not backed by economics of scale.

For an entrepreneur to be successful you must be willing to do something new.

What are your views?

It is not bad at all, any new product can rival existing products and win, sell better and make better profit.

It will be absurd to say the excuse for not producing a particular product is because there are other brands in the market.

 

[Nurudeen]

Yes it's possible to create a product that is already in the market with your own brand if you think the demand for the product is high. All you need to do is just that you need to add more uniqueness to the product to make it look different

 

[Draysongz]

The human mind has been created to showcase one thing in diverse ways. It mignt be a similar product but you can turn up your wn products. Let there be something unique about that particular product, something peeople has never seen before.