Poor execution destroys more startups than any competition. That is why after they are gone, the market frictions remain unfixed. Spend more time thinking on your execution than worrying about competition which may not really matter in inventive but not innovation societies. Inventive societies are full of ideas but innovation societies are full of products and services.
It is in execution that capabilities are tested, not at ideas or talking stages. Both in football stadiums and TV studios, we have ‘coaches’ all over the place, until you bring them to sit on the bench; then the brain begins to short-circuit…
Of course when you are starting a business, it’s very easy to sit in your house and imagine how you will acquire 10k customers in six months, or sell N50 million worth of products/services per quarter. By the time you go out to talk to the first prospect, you suddenly realise how tough it really is out there.
Yes, ten people can have similar product ideas, including those who are worried about their ideas being stolen. Anyone who can execute better will always have better chance of winning. What makes a TV or car to come alive is not found in any textbook, it’s always hidden!