Idea validation · Strategy

I just identified a threat to my business, do I abandon the idea?

Jessica Sirota 15 years Human Resources experience & lawyer

June 25th, 2017

In participating in some idea validation, I identified a threat to my business that is very trendy and has not caught on yet. Do I move forward with my idea given that the threat is just starting to take hold or do i abandon the idea?

Spencer Tasker Consultant, Solution Architect, Entrepreneur, Process Automation Expert, AI, RPA, Banking, Insurance

June 26th, 2017

There really isn't nearly enough information here to make any informed comment. Sorry.

Ashish Bhatia CoFounder, UNC Kenan-Flagler Business School, Investment Banking Technologies

June 25th, 2017

There will be competitors in whichever field you choose to go. Unless the threat is a legal one (chances of patent infringement etc.) or you are not sure if your idea provides any value to your target customer segment, giving up the idea in the early stages should not on the table.


Having a competitor in the field validates that you are on the right track and you can get some insights on what your competitor is doing, the price point, target customer segment etc..


You may want to pivot though and see if you can provide the value to the customers in a different way - build a strategy and then execute on it rather than giving up.


Cheers!

Abduljabbar Zia Usman CEO, project manager, explorer

June 26th, 2017

of course not, where ever there is a threat, there is an opportunity, use your strengths to conquer the threat, and i know you should know better because you are the origin of the idea, i guess you should make your idea like water so you can navigate the terrain

Ioannis Papadopoulos Cofounder Areadne Lifelong Learning Centre

June 26th, 2017

Why don't you modify your idea so as to try to incorporate the trendy threat in your idea?

Olatunji Byass Creative

June 25th, 2017

Two things if you can keep up with the threat continue, as you would adapt and learn new things, however if you can't keep up sell your idea and invest in another.

Ntokozo Masilela I'm the director of IN4TEEN. I need a co-founder who's going to do the dirty ground work with me.

June 25th, 2017

Well no. Do it better if you can.

Dan S. Product Guy (Marketplace MVP launching Jan2018)

June 26th, 2017

tl;dr - If you can find ANY nook or cranny (or larger) to remain differentiated or niche, it's probably best not to abandon it. Like Ashish and others said, there will always be competitors. I just found out the one of the country's biggest social networks is my competitor - but I'm staying the course because in their eyes the overlap we share is just a *feature*, yet to me it is a nice small $10m+/year standalone business that if laser-focused will be a solid acquisition target.


Risky? Definitely. But, they have much bigger fish to fry than my idea. So, if this seems relevant at all, feel free to DM me.

Guillaume Kloof I am an open-minded mobile/web app entrepreneur

June 26th, 2017

Dear Jessica,


Even if you've discovered a threat to your business, it doesn't necessarily have to be the end of your business. Almost every business has either direct and indirect competitors or substitute products of services.

My advice would be to actually try to learn what this threat is and improve your own business, based on that.

I f you need more help or advice just let me know or sign up here: http://createappshere.com/app-business-model/

Hugh Proctor Hard working, dedicated and innovative CEO / CTO

June 26th, 2017

A threat to your business?

You mean a competitor or you've just found out that your pregnant?


We often forget, as entrepreneurs, to look around?

How many shoe shops are in your town? hair dressers? restaurants?

How many CRM companies?

How many website companies? law firms? marketing companies?

Holiday or Cheap Flight websites?


The fact is, that, where there is a will, there is a way...


Sometimes, people open a steak restaurant on the sea front, does this mean that it'll be hard to run your business? I'm sure everyone else has a sea food restaurant.


Anyway, you get the point.

If you want to do the business and you have enough demand to cover your costs and hopefully grow, then you'll be good, (as long as you're happy)

Mike Hassaballa, P.Eng.

June 29th, 2017

Jessica, I think you should ask yourself some questions like can you embrace the threat/trend in your business idea? Does this threat provide a better product/service to the customer ?

Mike