It's easy to psyche yourself out of a good business idea because thereās competition.
āOh someoneās already doing it, itās too lateā
1. Competition shows the idea might already be validated
2. Markets can be a lot bigger than you think. nobody wins a whole market anyway. Even the biggest player has like 30%. You don't need to beat them, you need a slice.
3. No one else has your unique experience and judgement. It's like thinking NYC can only support 1 pizza place. There's so many different kinds of pizza.
4. A lot of competitors are stuck in their old ways. Ex some are gonna die bc an A.I. native person's going to be way more efficient.
I've learned to view competition as a GOOD thing. If 100 people are making money from X, I just have to be better than the guy in 100th place.
That's way easier for me mentally than entering uncharted territory and wondering if the idea's even viable.
Anyways, wanted to write this bc my friend is psych'ing himself out of an idea because he saw there's already competitors.