Sometimes new entrepreneurs think that they have such a brilliant idea that nobody else in the world is doing anything similar to what they are doing. In other words, they say they don’t have any competition. Think about it. One reason there is no competition is truly because you have got something so unique, nobody else in the world thought about it. That is one possibility, of course. However, there are other possibilities as well. Here are some of them:
• Someone else thought about it, conducted market research and found that there was not a big enough market for that product or service.
• Someone else thought about it, executed and failed in that attempt.
• Someone else thought about it and is currently executing on the plan but you don’t know about it. That someone may be in a garage or part of a department in a large organization.
In the VC world people silently laugh when they hear “We don’t have competition.” It may be a possibility but the chances of that happening for the right reasons are the same as the chances of you winning a lottery ticket.