I am sure this has happened with you. You come up with a new business idea and think to make preliminary research over Google, but you explore that there are already more than 10 people doing the same thing that you thought was truly unique. Is it a huge disappointment for you? What do you plan next? Instead of closing the browser in disappointment, the next logical step is to convince yourself that your idea is different and unique.

When I first ideated to establish Digital Marketing Solution agency, it was not unique, but I made it unique by adding new features in services. Your idea may be better in different aspects because you may have come up with advanced features.

Here is a bitter truth of the current market scenario – “No matter what you come up with, your idea will almost be taken”. Yes, it is, because more than 800 startups are created each year in India.  It is expected that 2000+ startups will be created every year by 2020.

Practically in today’s market everything has already been done or being done until you tap on the industry which is completely untapped, a rare case.

Above all, most of the business persons who hail as innovators in the market are actually not innovators rather piggybacked on already existing ideas.

Did Steve jobs invent the computer, mobile phone or mobile digital player? No, but he indeed made all of them a lot better and added remarkable features, and therefore he is hailed as innovator in current business domain.

Make something better, consider the example of Facebook, social network sites have been there before Facebook, but it came up as one of the biggest social networking websites.

The question remains, how do you avail advantage of existing competition as an entrepreneur? We all tend to consider competition as a bad thing, but it is actually a ‘good thing’ for business. When you have decided to do something that already being done by others in market, you already have set your benchmark to achieve.

Suppose, if you want to sell baby clothes, and you find there are numerous baby clothes sellers in the market, instead of dropping the idea, start research. You can browse over the web to connect with the target audiences of your products to understand what they actually want in baby clothes segment.

Customers love to be heard.

The best part is that people love to express what they want. You need to ask them, how you can serve them better compared to already existing business entities. Surprise your customers by giving unique features to them.

Takeaways:

And do a favor to yourself, stop freaking out when you know that your business idea has already been taken. Rather you need to be happy to see that others are making money with the idea that you come up with. Certainly, a lot of things have been done, but not all of them are done perfectly, there are chances to make them better. If you cannot do something new, do something which is already been done, do it in better way.

There are tons of restaurants being opened everyday right next to another restaurants. How does it sound? Are they not aware that their idea of opening a restaurant is already taken? They know it, but an entrepreneur is not the one who only invents things first time, but he/she is the one who majorly invents ways to make things better.