Take a look at this research https://www.supermonitoring.com/blog/website-monitoring-tools-market-in-2020/
It states that there are around 170 uptime monitoring services. Despite this fact, I decided to make another one. Before you roll your eyes, let me explain the reasons for making such a decision. At the end of the article, you'll find a comment on hacker news that answers the question.
First of all, let's accept the term that I consider people who are solo-founders who have enough time & desire to make their products. I'm not talking about an investment of millions of dollars, complex financial calculations of risks/profits, creating a big company with hundreds of employees. I'm talking about small businesses.
Having such people in mind, let's see what their thoughts can be before starting a new product.
Most of them refuse to create something alleging that:
- They don't have a brilliant idea
- They don't have enough money/time
- The idea was already implemented / there are a lot of competitors in the area
Let's examine these statements.
No brilliant idea
Let me ask: Does every successful product have a brilliant idea? Does every successful business have an idea at all? If so, https://alternativeto.net/ didn't exist.
Everyone knows that idea worth nothing. Implementation does. Marketing does.
How often do we hear: "Gosh, why nobody solves this, isn't it obvious that people should solver this?!". But why the person who says that didn't solve it, if it's obvious?
Now, you may argue that new products appearing in the market have USP, Unique Selling Proposition. Usually, yes, however, the USP turns around the idea which was already implemented. They just enhanced it a bit but haven't invented something completely new.
There are hundreds of to-do apps that solve the task of taking notes of what a person should do.
There are hundreds of chat apps that solve the task of communicating between people.
There are hundreds of CRM apps that sole the task of handling customers.
No money / time
When it comes to money, I have the same question: Did every successful business have initial funding?
As for time, I would agree that this is somewhat necessary if we don't consider funding or investment. Even if we do, we still need to spend some amount of time.
It was already implemented
Okay, now a person has desire and time. Then, the person goes to Google and finds out that somebody already implemented the idea. Moreover, the "somebody" is a relatively large and famous company. What a pity.
But what happens if there weren't any competitors at all?
Well... the chances are that nobody needs this. But you cannot know for sure, so you need to spend time for validation.
Beware, here comes a cognitive bias: if you stick to your idea, really love it, then despite your validation process, you might keep on working on it because people tend to find arguments that sustain their opinion, not vice versa.
What others say
The most common objection for a person who wants to start a business starts with: "Who needs...".
This is an established human pattern.
- Who needs google if there is Yahoo?
- Who needs dropbox if you have flash drives?
- Who needs yet another... if ... already exists?
Let me show an HN comment from a post by Unsplash https://news.ycombinator.com/item?id=5794083
Every week, every day, and every hour, a lot of new products are founded. By "products," I mean pretty much everything: a new store, a new SaaS, a new B2B company.
In most cases, something similar already exists. In most cases, you don't even have a USP (Unique Selling Proposition).
But does it mean that you:
- Cannot create something already exists
- Cannot make it better
- Cannot get revenue from it?
Tell me why it's not possible to open an e-commerce shop, which would be much easier/pleasant to use. Okay, tell me why cloning the existing one won't bring some revenue?
My father sells radio receivers in 2020. Even in his case, somebody needs them.
So why I've decided to do yet another uptime monitoring service? Because I hated the experience, I got with others & because I immediately understood the idea of such services.
Stop laughing at this moment, and consider this: when Medium was created, WordPress already existed.
When yet-another-CMS is created and become famous, WordPress already existed.
Some may say: hey, but WordPress is ugly and slow. And you should host it on your hosting, while Medium is excellent, and you don't need a server for posting your articles!
Yes, exactly. I hope I'll be able to get Pingr to the same level.
I'd be like Pingdom (WordPress). But better.
- Having high competition means that the idea was already validated for you
- You can create a product without a brilliant idea
- You can create a product without funding
- You still need to invest much time