If you are a startup, do you know about your competitors in the market?

We are living in the highly competitive world. It’s the business era.  Where everybody is having their business, innovative ideas, high competition, and the big players are going great. In today’s generation own word is very common in the corporate industry or market industry that is  ” startup”, any person who thinks that he can start their business on their own are starting their business,  with the ideas.  The government is also supporting such initiatives.  So recently there were many startups that have to succeed immensely. Like redbus, ola, uber, digital priting yew York city etc.  These all were the startups and are now running very successfully.  So, what is the key to having a successful startup?

First of all, you should have a different idea

You should have something that is going to be people need, or your idea should solve the problem of the customer.  The main important thing is your idea, and after that it’s execution.  Many startups fail even if they have the great innovative idea, but they fail badly, why? What’s the reason?  Because they have not done their homework properly.

The homework is, first of all, knowing your strength and weakness and after that, you should know who all are your competitors if you haven’t studied about your competitor well then you are taking a very high risk.  So, if you have a great idea and proper plan to execute it then you should study the competitors well, their strength and weakness, they’re every in and out.  If you have done that accurately and properly then you can play according to that or the competitors will go to eat you and you will not have any chance to stand out.