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

[eLdavis]

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.

Very true, at the end of the day, creativity is the key. The funny thing if you decide to start something new to avoid competition. Others would see your idea and also do the same thing and trust me they would look for ways to make their own more unique. So its best to be creative in business, add features that others who are into the same business do not have.

 

[Ralphjoe]

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.

You actually have a good point when you say that it is not wise for a startup business to produce a similar product with a product that are being produced by an established company already but as far as I am concerned a startup business can produce a similar product with a product already in the market but his own product must be very unique and special in a way that it will be able to capture the market.

 

[Sotherefore]

Copyright is very important in what you are doing and no matter the type of goods and products we are producing ,you must make sure you respect the copyright of other people because you might get into trouble with this.

 

[tyrim88]

Getting out a new product will not really bring out the competitiveness in any business,except there is a genuine need by the consumers.There need to be a vecuum to come in,which could be in terms of packaing,superior products,better quality and beeter service delivery.

 

[babdud02]

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?

There’s nothing bad in starting to produce similar product to the one already in the market but you just have to develop another market strategy for your product

 

[Hena101]

To me is not necessary to create something new to succeed but you can improve something existing in a unique way and be successful, so bringing something similar to what is in the market is not a problem but you know or learn how to make it different by rebranding it.

 

[Funky]

We see a lot of products that look the same in the market, just name is different but what actually differentiate them is the quality of their product which is what should be considered for one opening a similar product.

 

[Setfragil]

There is nothing wrong producing similar products that is already in the market because there is nothing that you produce that has not been produced before or not have similar product in the market.

 

[Ralphjoe]

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.

The truth is that as a business start up there is no way that you can manufacture products data of more quality than already established companies and so the only way that you can upstage and already establish business it by focusing on your comparative advantage and making sure that comparative advantage of yours is more stronger than the already established business.

 

[Kelly5]

The products you as a start up are seeing in the market are not produced or brought to the market by a singular individual business as well. So you too as well bring in your similar produce too

 

[Deucalion]

You do not necessarily have to produce exactly what is in the market ,as a business organisation you really need to have your own way of doing things and should not be the same as what other people are doing.

 

[kay169]

You can only do this when you have good marketing strategy and when your wise most people just copy the whole thing instead of changing some kind of things and standing tall

 

[tyrim88]

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?

There is nothing bad about bringng up something that is already in the market,but your research has to be carried out to know what the consumers are really laking in terms of value,then you can add yours to make it unique.

 

[jeff87]

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 believe in what your mentor is telling you. In order to be successful in business you really need to think of something new. You must have an edge or an x factor against your competitors. For example if a competitor is only selling hamburger for $1. Then I will sell also my hamburger for $1 with a juice or tea free of charge. I believe when customers see your bonus they will choose to buy from you because of privileges or extra benefits.

 

[Setfragil]

There will always be a similar products like your own in the markets. Producing similar products is not the problem, but producing good, durable and quality products.

 

[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 to start up to produce similar products in the market but know that you are going to face higher competition except you are very creative in your kind of product that is the only way you can sell and beat the present product in the market.

 

[Ralphjoe]

You can only do this when you have good marketing strategy and when your wise most people just copy the whole thing instead of changing some kind of things and standing tall

In my own opinion I think it is a wise decision for a business to produce a similar product 2 the one that another company that has been in existence is producing because the world is a very wide place so everyone can be able to make their sales without having to compete with each other.

 

[kayode10]

Any intrapreneur who bring the same products to the marketplace may find it difficult to have a stand in the marketplace. It will be very difficult to differentiate from the rest of the products that are available in the marketplace.

 

[Senator]

Are you now going to say that because other businesses have similar products like yours you won't go into the business again? Certainly not. You'll still go ahead and do your business only you will need some marketing skills to outsmart your competitors

 

[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?

If you have to produce same product that is already in the market, you have to consider the market competition because if it's too much, it may affect your business.