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

[Dagm1]

As a startup, I believe it is not prudent to create a product that is comparable to one already on the market. If you want to break into the market and displace similar existing products, your product must be better than the competition. Because your brand has yet to establish reputation, it will be difficult to penetrate the market and gain customers if your product is identical to one already on the market.

 

[greenie]

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.

 

[Bookwormlux1]

There is actually nothing bad in doing this provided you have a way of maintaining your own uniqueness, and even having some additional purpose and benefits than the already existing ones.

 

[Shigobad20201]

I don't really see anything bad in producing things , I mean product which are already in the market , for example starting a bakery work when we know there are lots of bread in the market, but that doesnt stop you from starting your own business.

 

[Bookwormlux1]

There is actually nothing bad in doing something of this nature, but you have to make sure that yours is coming with some uniqueness in such a way that will attract the attention of customers .

 

[Sincerem]

Establishing what is already on demand indicate that you will have to pass through a lot of competition because you will be competing with other people offering the same services or goods for clients. Personally I may not like to go through the stress , except it is absolutely necessary.

 

[Partisan]

It is not wise for a startup to produce similar goods to the one already available in the market. The reason is that the business will struggle because of competition. For the business to succeed, the producer can add a little thing in the production that will make the good different from others although similar. It could be change in label or anything that can easily be seen.

 

[Shigobad20201]

Theres no problem for a wise start up to produce a similar product with the one at the market depending on the typr of business you are doing , but you just need to spice your own product up.
Taking the production of bread as example , Bread is always bread , but as a wise entrepreneur, You just need to spice your own bread up.

 

[Setho]

Producing something that is similar to the one in the market is not bad because they're definitely needs to be one form of competition or the other so the most important thing is to have an edge.

 

[Shigobad20201]

Most of the new business idea we are having nowadays has already been existing in the market and theres no way that we won't be producing the same thing , all we need is packaging of our product.

 

[Godspower]

Most of the new business idea we are having nowadays has already been existing in the market and theres no way that we won't be producing the same thing , all we need is packaging of our product.

This is very true. Most of the goods and services have been in existence already in the market already. All the entrepreneur needs to do is to rebrand and market it aggressively in a unique way.

 

[Honny143]

Smart phones look similar, but their features are different on every phone. It's like if you produce the same product that is already on the market, it's not a bad idea to change some features in your product. In this way, your product occupies a market. This is not a new thing. There are so many manufacturing companies that do this type of work. Sometimes similar products occupy more market share.

 

[Dannyjax]

If it's possible for you to make a product that's similar to what's in the market and sell it cheaper, it may sell well. Competitors do that always in the market, so it can work out well.

 

[Shigobad20201]

If it's possible for you to make a product that's similar to what's in the market and sell it cheaper, it may sell well. Competitors do that always in the market, so it can work out well.

The business we are planning to start has been started by some people out there already , and thats why there will always be competition , but as a new start up , you can just upgrade and let your own product be better than your competitors to get more attention .

 

[tyrim88]

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?

There is one thing about doing business,if you say you are coming out with something as a novelty product,then you will be missing out,because no matter what you ae bring out,it has already been done by someone else.

 

[Agbalagbaa]

The reason why we start up a business is to earn money, if you can earn money doing that I think that's a awesome idea, starting up something like this is a good idea.

 

[frederick_9]

What to do would be determined by the worth of what you generate.
If you want to compete favorably in the market against the industry giants, you should develop a USP for yourself. However, if you think that developing a new product will give you the leverage you need, go ahead and do that.
Therefore, avoid the trap of developing a new product to start a firm.

 

[nana kwasi1]

Even if you have issues with your company, leaving your job abruptly and without warning is incredibly disrespectful. This is not a good idea because your employer might end up being a helper in the future, and your actions would not have made him fond of you in the least.

 

[Mohammed Rashid]

If you believe there is a strong market for the product, it is possible to develop it under your own brand and sell it. Simply adding extra distinctiveness to the product will help it stand out from the crowd.
You can certainly compete even as a new business or corporation if you believe and think that you will contribute something to that particular product that doesn't already exist in the market.
One thing about business is that no matter what you bring out, it has already been done by someone else. If you claim to be bringing out a novelty product, you will miss out on the market.

 

[nana kwasi1]

Facebook has all goods and services, but many people advertise there with contact information for their goods and services.
You just need to keep an eye out and get in touch with the right people to find any type of business on Facebook.