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Like the title suggests, I'm struggling to decide whether to pull the trigger on a business idea of mine. The idea has essentially been validated by a soon-to-be competitor (they haven't entered this specific niche, but have stated that they intend to within the next year, and already operate successfully in a very similar one).
As far as I can tell, they would be the only other company offering the same service as me. The problem is that they're miles ahead of me in terms of experience and resources.
I know that if I get scared every time I find a bigger, more established company that I'll never get anything off the ground, but I also don't want to just push through for the sake of not backing off.
How do I know if competing is a good play here? I've looked at their current service, and I don't see a way that I could offer a better one. At the same time, their launch is probably several months out, so if I hustle, I could try to establish myself first.
Thoughts?
Thanks everyone.
As far as I can tell, they would be the only other company offering the same service as me. The problem is that they're miles ahead of me in terms of experience and resources.
I know that if I get scared every time I find a bigger, more established company that I'll never get anything off the ground, but I also don't want to just push through for the sake of not backing off.
How do I know if competing is a good play here? I've looked at their current service, and I don't see a way that I could offer a better one. At the same time, their launch is probably several months out, so if I hustle, I could try to establish myself first.
Thoughts?
Thanks everyone.
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