"No one else is doing this!"
- Wesley Brach
- Jan 12, 2023
- 1 min read
TRUE: Finding that your business idea already exists isn’t necessarily a bad thing.
ALSO TRUE: Finding that your business idea doesn’t already exist isn’t necessarily a good thing.
If your idea does not already exist, there are several possible explanations, including, but not limited to:
You’ve come up with something truly innovative and unique.
Your idea has been considered by others before but abandoned because it doesn’t have an economically sound business model.
Your idea is unfortunately something it turns out no one wants.
Your idea is something people want, but aren’t willing to pay for. There is an opportunity if you can find an innovative way to monetize what others didn’t. (see number 2)
Elements of your idea exist but have yet to be developed, positioned, or combined in a way that achieves product/market fit.
Determining where your idea sits is where the value lies.