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

[Razor1911]

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.

I also don't think producing same product is a good option to take. Rather we can try out some special features and apply to our products. Our product must be unique from other so that we can attract people and make them our potential customer.

 

[akinlolu99]

I think it depends on the business that one is venturing into first before one should know if to inject some new and fresh or just follow a trend for example if a graphic design that just started learning or designing should start it is best to follow trend and not just come like you y=have arrived with all the knowledge

 

[delnovem]

It us not bad starting up a similar product out there. Like we have many products that are similar today. All you just need to do is try to go out of the ordinary and uniqueness.

 

[Heatman]

I also don't think producing same product is a good option to take. Rather we can try out some special features and apply to our products. Our product must be unique from other so that we can attract people and make them our potential customer.

Well, there is always a possibility that when you produce a new product that the customers or market does not know about, it will be very difficult for it to break into the market.

 

[Josemendez]

I agree with you to an extent. In as much as you are to do something new , you should not dependent solely on that , you can use a new approach on an existing business

 

[Razor1911]

Well, there is always a possibility that when you produce a new product that the customers or market does not know about, it will be very difficult for it to break into the market.

So, does that mean that we should go to produce similar products? It is hard to recognise our product if similar product is already in the market. Rather, if we Try to create a new product and then sell it with better features, I think that will be easier to attract customers.

 

[Grant]

That's how most companies compete. They will make a device/product similar or close to the original product, and oftentimes, they will make it better or have some kind of gimmick that will make it unique.

If you can make something new and fresh, awesome, but it's not always that easy. So improving on a product can work too.

 

[Yusuf1]

I don't think there is any big deal with what you are planning to do. However, if you really want to do this you really need to bring in new ideas into the similar product that will make yours exceptional among others

 

[Shigobad20201]

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?

A start up should be able to create his own unique way of making a good product that will outshine his competitors product, producing a similar product is like plagiarism and people will call it fake.

 

[Kennysplash]

That is not always the case though. Location also matters, of there are existing products in the market you just need to find a place with less competition and establish your business. This works well most of the time

 

[Kelly5]

A start up bringing in similar good into the market isn't a new thing at all by now to most new start ups. This is because those you see in the market have also competitors like them around them too

 

[Sotherefore]

That is not always the case though. Location also matters, of there are existing products in the market you just need to find a place with less competition and establish your business. This works well most of the time

Although location is very important in a business but If you're running away from competition in a business then obviously I wonder where you will establish your business that there will be no competition,

 

[Senator]

As a startup just entering into the business it is not a wise thing to wait to become the first person to introduce a new type of product into the market before starting a business, otherwise, you won't start anything

 

[Kennysplash]

Although location is very important in a business but If you're running away from competition in a business then obviously I wonder where you will establish your business that there will be no competition,

Although location is very important in a business but If you're running away from competition in a business then obviously I wonder where you will establish your business that there will be no competition

You just cant go to a place where there are a lot of people already selling a particular good or service, start your own and and expect smooth sales. Another location might just be better than pitching yourself among people already doing the business.

 

[Heatman]

So, does that mean that we should go to produce similar products? It is hard to recognise our product if similar product is already in the market. Rather, if we Try to create a new product and then sell it with better features, I think that will be easier to attract customers.

Well, I believe that it's something that have to do with knowing the product that's too competitive in the market and try as much as possible to stay away from it.

 

[Jlife]

That's how most companies compete. They will make a device/product similar or close to the original product, and oftentimes, they will make it better or have some kind of gimmick that will make it unique.

If you can make something new and fresh, awesome, but it's not always that easy. So improving on a product can work too.

Making your own products unique will be more attractive than the one you are copying from the normal standard of the society, as for me I'll be creative and produce my own products in a way I believe will attract people.

 

[Sotherefore]

You just cant go to a place where there are a lot of people already selling a particular good or service, start your own and and expect smooth sales. Another location might just be better than pitching yourself among people already doing the business.

Considering another location for a business is not a bad idea but running away from competition in a business is what I was trying to say, because no matter where you are going to in business, there will always be a competition.

 

[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?

When wa started our business,the product that we are into is already flooded in the market,But we decide to bring something new,we decide to get direct from the source,and establish a courier section to bring it to the customers on demand.That was what did the magic.

 

[Heatman]

I agree with you to an extent. In as much as you are to do something new , you should not dependent solely on that , you can use a new approach on an existing business

Seriously, a new product may give you an edge if it's the same service and quality with what's already in the market but cheaper. It's the only way customers will buy it.

 

[Razor1911]

Seriously, a new product may give you an edge if it's the same service and quality with what's already in the market but cheaper. It's the only way customers will buy it.

Somewhere you need to show your product is better than the earlier. Either you can make it cheap, but I think by producing better quality, people will recognise it better.