"We chat" is just to combination of multiple apps. There are many apps with similar concepts like messenger apps. You hardly find any uniqueness in Skype, WhatsApp, Viber and signal etc. but all are successful and have billions of users. They all trying to solve same problem with similar solutions. The only difference you find is UI design and some minor things. Similarly, Udemy, LinkedIn learning, Lynda and Edx offers almost same services. Do we need to find problem or can we solve same problem which is being resolved by competitors?
As Dan Kennedy says, "Explorers tend to return full of arrows."
In other words, good chance of failure trying anything new.
Do something old, with a new spin.
Tip: Read through Kennedy's books (I could 60+ on my bookshelf) about how to do... business spins... slapping a new face on an old industry/niche/product.
Yes absolutely. All the companies you have mentioned solved a problem of the masses to be great companies. They were once just ideas but solving problems made them great ideas.
Focus on building a must have not a nice to have product. Attention spans are getting shorter in the age of multi-tasking and only few products are getting noticed – with many being a solution for a must not a want. You need to be doing something different and better to make it in this world, as donsumers expect and demand more than just another product. Solve real painful problems. If your product is not a must-have, you could still find a way to repurpose it to solve a pressing need. If you have been able to identify a crucial problem that you can effectively execute and deliver to market, you will be able to create a real business that matters. Your business should be your passion. Some entrepreneurs look to solve problems they identify with or feel passionate.
You can read more here: https://www.entrepreneur.com/article/236522
Besides if you do have any questions give me a call: https://clarity.fm/joy-brotonath
You ask a great question. Yes, it is possible to combine other services or create an existing service, and you might still succeed. But to be accurate, almost all of the companies that you mentioned did in fact solve a problem and/or have something unique about them that was unique enough to bring users.
For example: Skype was among the first systems at the time (being first...), Signal skyrocketed recently because they provide complete privacy which became a big issue after FB announced that they were officially getting all the info from users on Whatsapp (so privacy = unique), WeChat was targeted at the Chinese market at a time where the other big players weren't in China (so right time at the right place = unique).
Bottom line, you either need to solve an actual problem/pain, or be extremely lucky and be in the right time at the right place and have the right connections/community.
It doesn't have to be an unsolved problem, you don't have to be the first - you just have to find your niche. It's the old "build a better mousetrap". Can you find a way to win customers that might have some unmet requirement, even if it's just UI or a slightly better customer service line, or some kind of peer effect i.e. all their friends have it?
I've worked with entrepreneurs who tried to develop apps or products that were trying to improve on existing competitors. What we found is that the earlier products didn't define their market well, or that younger customers preferred something a bit more friendly, e.g. Paypal vs. Venmo.
If you'd like more ideas on how to get to your MVP, feel free to message and we an set up a call.
Your chances of success will be much higher if you do something that other people are already doing successfully because they've proven that people are willing to pay for that service or product. If your idea doesn't solve a problem, then you essentially don't have a market. It's much easier to sell to an existing market than to create a new market because you don't have to spend as much time or money on educating people. Educating people with no guarantee of a sale is an expensive activity.
Hi. Theoretically you can do anything you want. However practically it may be not be adequately profitable or even profitable.
If it is high growth market and you are relatively early then potentially you can do the same thing that others are doing but you have to monetize sooner. As market matures you will need uniqueness to continue to be as or more profitable than your competitors. Else likely you will operate at low margins or even negative which will make you exit the business.
All examples given by you are relatively mature areas with number of competitors, many with unique offering, and many with bigger names. If you go with a similar offering then your cost of entry will be high. This will hurt profitability. There are smarter ways to do this.
Hope this helps. Let me know when we need to talk. Bye.
You might need to do both, and it depends on your ideal customer's buying patterns. If that buyer typically purchases your product and your competitor's product in a single transaction, and that buying pattern makes sense, you gotta to build, buy, or partner to offer your competitor's product. If you don't, you could quickly get shut out of the market altogether.
Partnerships are messy, but they're so fun. It's good to have friends in the market, and making the choice to partner can really clarify your company's purpose: the problem you want to be known for solving better than anyone.
Last thought: when you do pick a truly new problem to invest in solving, just make sure it's one you and your team care deeply about. You only got so much time to play with--do you really want to use it building a better mousetrap?
There is a difference between mixing up with the rest and been a trailblazer. If you want to just make money by owning a company, then you can join in the fray and just do what others have done before. However, it is different if you want your name stamped on the sands of time. Every great company has always looked for a problem in society to solve, s yearning, a void to fill.
Doing this will make you as a company unique, and no matter how the years role by, people will continue to see you as the real deal. Facebook was the first of its kind, while others like LinkedIn and We Chat have also come up, you will agree that Facebook has continued to hold on to top spot.
Yes, you should be solving a problem that affects millions of people. Nice to have is of little interest for investors...unless is a moonshot.
If affects billions of people, and in different regions, there is a lot of market share to split amongst several players, which is the case of messaging apps, email providers, etc.
Yes. An idea's utility is entirely based on its ability to actually solve a problem and a successful idea creates value in the process.
Digging deeper into your question. More than one person can solve the same problem, the challenge is who can add more value. Remember big markets where you have mutilpel players, may exist for many reasons like
1. Market coverage
2. Market access
3. Unique value-adds
4. Time to market
5. Stability and availability
One of the challenges in our education and society where never been told we are "problem solvers". The better, the faster, and more value your ability to add when solving a problem the more valuable you become.