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

[Toyoabasi]

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?

Products that have competition in the market today are those that are similar.
It is not wrong to make produce similar to the ones in the market, but you have to be prepared for competition... You have to brand your own product in a way that will attract more customers.

 

[Jhayms07]

Well I don't think there are so many businesses that didn't imitate any one or a similar product in the market. It's a normal thing,the only thing is you have to be unique

 

[Tislad]

Thinking of something new makes you unique and brave but if you have an idea of selling the same product to that already in the market make sure it is better.

 

[Senator]

Yes is wise for a new business start up to introduce a similar product to the market like those already in the market, this is so because your product couldn't have been the only one with similar competitors anyways

 

[Savkid]

It is not wise to sell similar product to the ones in the market but if at all you really wanna do so at least make yours unique like the branding

 

[Ghost1]

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.

Definitely true. People buy things they are conversant with. The entrepreneur should try enticing customers by making the products better in quantity and quality

 

[Senator]

Yes it is wise for a start up to produce similar products to the ones in the market. That is true because you are not not going to be the only one producing such similar products too

 

[Skysaint]

In my opinion, it depends actually on how you want to startup the business. If actually you want to start big, having a lot of interesting features that the already existing companies lack then it can be advisable. But I wouldn't recommend it if you're starting as a small scale business

 

[Josan]

Yeah, it's wise if you can improve in the quality. But then the world loves innovation a whole lot, so if one can come up with a new product the market will be your starting point.

 

[Kaffyfolla]

It is never bad idea to create product that similar to the one in the market but you have to give it in different package because it has been the nature of human being to have new things

 

[Immilash1]

yes you can .but you need to modernize yours to be more attractive than that of the market.by so doing you it can atracts a lot if customers to come and buy your new products.

 

[Godspower]

Yes, but you have to add some variations to it. That extra edge will give you an advantage over your rivals.

 

[joy101]

I don't think it is wrong to produce similarly product with other people in the market, it is good to produce the product that is good for people.

 

[Blessedsam60]

Yes I agree with you. It's wise to think exceptionally and come up with your different brand of product. Although the place of competitiveness might wanna deter your product but you build a successful business over time with your consistency.

 

[kinqzbitz]

Well it is possible to do that but then I guess what will make yours sell more will be the uniqueness in the products and try to make your own products a little bit different from the rest

 

[Kvngsammy]

A new start-up can decide to want to carve out a niche for themselves and it can be based on an existing products or services because let's face it, there's nothing new under the sun.
The thing is to enter the market with a carefully developed proven unique selling point that would make you stand out.

 

[Thinker009]

For the start up to beat the competitor ,the start up company needs to be very much creative , because it's obviously what would get him the additional competitive mindset and would make it thrive better

 

[Laurentta]

Exactly my view on this topic. As a startup, it's not wise to produce something similar to what's in the market. Customers get tired of seeing the same thing over and over again, so a startup has to come out with something new.

 

[Heatman]

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?

You can actually produce similar products in the market but what you're going to do to ensure that your new products sell very well in the market is to reduce the price so that people can actually buy it.

 

[jay]

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.

The only good thing about making such products similar to the ones in the market is that people or customers who think that it is the same thing with what they used by both if they find out they might decline from purchasing it.