lean-startupWe are starting some new startup. It is in its very early stage. Eventualy there has come up new companies with better service than we planed for and bigger and more organised than us. I am being sceptic about it now and statrting to doubt on the whole idea. Is it even possible to do business along with them? Let alone competing. From a quick review I hardly can see any negatives about them. Will it be wise to carry on or should close the project early?
I would not call it a checklist but you need to have a realistic projection of income and cost. Can the project be profitable?
If it will not take a lot of money to finish the project and test the market then maybe proceed.
If you are talking companies as in plural and you cannot differentiate yourself as better in some aspects then you are going to have an uphill battle at best.
If your only defense is to price yourself lower then back to can you be profitable?
If you need to get more funding or take on debt then think twice. If this is a project you are funding with other projects then again be realistic about the cost and revenue projections.
I congratulate you for being aware of the market. There are so many people that go with project based on an idea and spend a lot of money to take to market with zero market analysis and get crushed.
Try to find a niche not covered by the big ones. Look for a target audience with special preferences and needs which the big ones do not cater to. Or look for something the big ones are commonly criticized for and concentrate on being better in this regard.
When you can’t find anything like that, you might want to look for another product. It is hard to survive on a market when there are competitors with far more capital offering the exact same thing.
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