So, you dream up this great product/service that you think everyone will use. Then you start to search on the internet and realize many similar products already exist. Since, most entrepreneurs are not creating new markets but instead improving on an existing product/service what do you do?
The first option is to come up with many reasons why your product offering will not succeed and might require too much effort. The second option is what separates dreamers from entrepreneurs, who decide to take the challenge and absolutely believe they can make it work “this time.” A prime example is Gmail, before Gmail most of us were relegated to the sub-standard offerings from Hotmail, Yahoo and the many other free email services. The lead developer, Paul Buchheit, felt he could improve on email and once Gmail was introduced it was a success with the tech-savvy crowd. Granted, Paul had the backing of Google whereas many start-ups don’t have that luxury. But, he also had to achieve massive success or it would have been considered a failure within Google.
For startups without the backing of a large company like Google it can be daunting to enter an existing market with many players. But that is the challenge and thrill that many entreprenuers yearn for, the ability to differentiate their company in a crowded field and succeed. Some call it a risky strategy but without risk their is no reward. Usually the reward is monetary but it can also bring notoriety among peers or too a much larger audience. The idea of entering a crowded market is similar to looking at a glass of water – is it half full or half empty? It’s all about the individuals perspective.
The above article originally appeared on GQindia.com.