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

[Heatman]

It is all right to produce the same product that is already in the market. We can see the pizza stores here that share in the market base. As long as there is demand then there is business.

Exactly, you actually have a good point because whenever you come to setting up any new business the most important thing that you need to figure out first is the availability of people that will patronize whatever thing you are selling.

 

[Setfragil]

It is good to come up with new business ideas and innovations but there is nothing wrong when you do existing business. The way you manage your business is what matters.

 

[Kelly5]

If the level of your investment isn't like the big ones, what choice do you have in the decision? You are not the first and would not be the last to sell goods that are already in the market

 

[Heatman]

When it comes to producing similar products in the market, you should always take into the consideration is the availability of consumers who are going to patronize such products when they are too much in the market.

 

[Skysaint]

It's never wise or rather say advisable to make products similar to the ones already in the market especially when you're talking about the quality of the product. Yours should be of more quality and also more appealing to the public

 

[Setfragil]

Any product that you think you will be successful if engage in it, you can establish it. The most important thing in business setup is your understanding on how to successfully manage the business.

 

[eLdavis]

Any product that you think you will be successful if engage in it, you can establish it. The most important thing in business setup is your understanding on how to successfully manage the business.

Well said, you are starting the business with the aim of making profit, not to be the first person who started it. So if others are doing it and you feel you can also make profit if you go into it then no no problem, like you said proper understanding of the business should be there.

 

[Shigobad20201]

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?

Some companies prefer to do the same thing , I mean creating the same product exactly like that in the market because the one in the market is popular and selling fast.

 

[Jlife]

Any product that you think you will be successful if engage in it, you can establish it. The most important thing in business setup is your understanding on how to successfully manage the business.

Well sometimes it is always better to make our product to be a little bit unique and different from what the society is doing as this will have a lot of people to be able to differentiate our own from others.

 

[akinlolu99]

well, depending on the kind of business that one wants to start for example a company that wants to open a factory that produces cement obviously will not go and start producing under value or under quality. So it all boils down to the kind of business one wants to go into.

 

[Ella1003]

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?

With the sprout of businesses here and there on a daily i think its impossible to have a business thats not already highly saturated but its possible to have one thats not established in a particular location yet and is a necessity for the people there. Otherwise, just go into it if youre sure its largely in demand and take on new ways to brand or deliver ( a unique selling proposition) your products to attract more customers

 

[Ezekiel]

Producing similar product for a start is not bad but when you produce the same product then it is bad,if it is a similar product then you could package your own well,or brand it properly

 

[Trexxxy]

Some companies prefer to do the same thing, I mean creating the same product exactly like that in the market because the one in the market is popular and selling fast.

Most big companies do this, the same company produces infinix, itel and one other phone. It isn't something new in the industry, they eliminate competition by creating a different subversion of their products.

 

[Ceeny007]

It's not in an way nice unless you're marketing what they don't have,what a newbie should do is to complement existing manufacturers

 

[Oliver4smile]

I will say it depends on the demands, if the demands is very high, it won't matter even if the products are similar to those produced earlier and are already in market however the best approach is to include new products to make a difference.

 

[Kane]

Why should sell a duplicate product, why not spend time to create new products? If you are selling the same products that are already present in the market how can you outsmart your competitors. You should always try to sell original 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.

Yes a start-up can produce similar products in the market but he should make sure that his product is unique and people will prefer his product more than other products in the market.

 

[Solutionav]

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 agree with you, you can't come up with similar product and expect to earn good income, you just have to repackage your product and make sure is better of, compare to the existing one in the market

 

[Abigael]

Producing similar product for a start is not bad but when you produce the same product then it is bad,if it is a similar product then you could package your own well,or brand it properly

Yeah, it is best to make your product unique in some way. For example, there are so many companies who are doing cake products for sell. But they all don't package the same or decorate the cake the same way. So they may use the same ingredients to make cake, but using unique decorations and packaging is what differentiates the businesses.

 

[Keibah]

We can all agree that there is no harm in that as long as your product has an added advantage. For example, what would make me leave what i am used to purchasing and go for yours? is it tastier, cheaper or more durable? This is what competition is all about.