| I'm paraphrasing a little bit, due to imperfect memory, but I've always been inspired by something Bob Parsons (of Godaddy fame) said: "Never be afraid to enter a crowded market. Just be better than everybody else". So yeah, if you're confident enough if your ability to execute at a high(er) level, then I think it can make sense to do something that's fundamentally similar to an existing business. OTOH, it you want to make big money, it might be better to pursue something in line with Peter Thiel's ideas about wanting a "monopoly" and having something that's 10x better instead of being an incremental improvement. I think either model can work though, depending on your goals and on your ability to execute. See also: discussion of "fast follower strategy". http://www.forbes.com/sites/avaseave/2014/10/14/fast-followe... https://hbr.org/2012/06/first-mover-or-fast-follower http://www.forbes.com/sites/oracle/2016/06/02/why-fast-follo... |