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

[Setho]

When you are starting a business, the mist important thing is solving a pain point. There is no problem starting an already existing business model as far as you have a plan that your competitors do not have to attract customers.

 

[GIFTMICHAEL]

That's where innovation come in. The entrepreneur should be innovative in nature, create ways to outshine other competitors. Rebrand the products even if its the same with the market type to attract customers.

 

[Setho]

Yes in fact, one of the cores of business is that you should not try to overdo some things Some times. You can check the build up and then add your own improved modifications.

 

[Kelly5]

Having a similar product that is already in the market does mean the same product. The products can be similar but not the same. Features you can have as distinguishing factors from the similar product will be up to you to think about in the branding of the said product.

 

[Setho]

If you would like to that as a startup, it I not a bad idea and you will be better off if you are coming with innovations that allows you to start ahead of your competitors.

 

[Alexandoy]

That's where innovation come in. The entrepreneur should be innovative in nature, create ways to outshine other competitors. Rebrand the products even if its the same with the market type to attract customers.

I agree with the rebranding bcause I don't think you can have a business of selling a unique product unless you are an inventor. Even if your supplier is an inventor then you need to be the exclusive distributor to consider your product unique and has no competition. Business now means competition so you need to be prepared.

 

[Richard92]

I agree with the rebranding bcause I don't think you can have a business of selling a unique product unless you are an inventor. Even if your supplier is an inventor then you need to be the exclusive distributor to consider your product unique and has no competition. Business now means competition so you need to be prepared.

it is not wise for a start-up to produce similar products with the one in the market because that will be copyright it is good for every entrepreneur to be very unique in everything that he or she does.

 

[eLdavis]

to make it in the business world today, you need to think outside the box. your work needs to be unique. now lets say for example you want to start up a fast food resturant, its a great idea but there are so many fast food resturant out there. why should people forgo ever other resturant and go for yours? there needs to be something different, maybe you could include a children's play ground. this could attract more families to your resturant

 

[GIFTMICHAEL]

I agree with the rebranding bcause I don't think you can have a business of selling a unique product unless you are an inventor. Even if your supplier is an inventor then you need to be the exclusive distributor to consider your product unique and has no competition. Business now means competition so you need to be prepared.

Yes, i agree with your thought. Business is all about competition, one who isn't ready for the competition isn't ready to take the business higher, and the competitors will knock him or her off.

 

[Fozzy_boy]

There’s nothing bad in starting up a similar product to the one already produced in the market but make sure you’re coming up with a new market strategy that will make people look away from the formal product

 

[Jlife]

Yes it is possible for you to start up and produce something similar to the market but sometimes you really need to make your product to be a little bit different or what is in the market because this will help your product to be unique.

 

[Lordfalcao]

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?

Well its all depends on your uniqueness and your ability to stand out you do produce something similar in a whole different way and manner that even the competition won't know that you are producing such.

 

[Sincerem]

Adding designs to your products, by adding your own concepts will attract people to it and patronizing you, cod you're dealing with concept that is attractive.

 

[Senator]

Wether the start up likes it or not, his products are not going to be the first type of product in the market. So he just have to get his products into the business even if they already exist in the competition

 

[Kelly5]

It wise for a start up to produce similar product as the ones in the market already. No one owns the monopoly of the market truly, so I see no reason why you should be afraid of the competition on ground before your arrival

 

[Abigael]

That is true. An entrepreneur should be willing to give something new in the market. Selling products that are similar to the existing one will not earn you much since the other party already has the customers. So you must make yours unique so as to get customers.

 

[Salimo]

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 think you can produce similar products to those already in market but you should relying on marketing to convince customers purchase it again and again .

 

[Richard92]

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.

It is wise is for the start of the produce similar products to the one in the market but instead of the needs to be very innovative and creative another for he or she to beat the competition in the market.

 

[eenya001]

For me, I believe this depends on various factors, the first being the demand of that particular product and the supply also. Then you would also have to consider the market share of that particular product as well.

 

[Setho]

Its a free market and unless that that product is protected you can recreate a one similar but add innovations so that you stand tall in front of customers .