So, I'd like to ask you whether it's a waste of time to entertain ideas that have already been tried (successfully or not)?
That doesn't mean you can't do it better.
If there are existing businesses with the same idea, who are their customers? What iterations did they go through to reach product/market fit? How are they vulnerable?
If there's currently no one profiting from this idea...well, why the hell isn't there? Did someone raise some cash, get a bunch of press, but ultimately fail to execute? Awesome, you now know what not to do.
The general idea behind all of this is that you need not worry too much about the competition at this point. Learn from it, sure. But please don't let it discourage you from even trying. Good luck!
Even if its only for fun, do it. I'll be incredibly surprised if you learn nothing from it, even if it fails.
Besides, there aren't crowded markets. There are just markets you haven't segmented enough yet. http://www.ericsink.com/laws/Law_02.html
- Google ("Nah, who needs another search engine")
- Facebook (MySpace)
- Zappos (selling shoes, idea copied from a guy in 800BC)
In an exerpt from Felix Dennis' book 'How to Get Rich', he describes how ideas can't be patented, it's the execution behind it that matters.
Personally, none of my ideas are original. My only hope is to execute existing ideas better.
Yes, if yes to any of the above. And regardless, implementing something that's been done already gives a huge advantage over the edge-of-existence startups--because you begin with at least two data points. What worked or failed before, and your own project state.
May learn more about the existing thing, and almost certainly have a clearer picture of your own relative progress.
If you don't really think they suck, or you don't really have an idea about why they suck, or don't really know how to make a better alternative, maybe you should reconsider ..
No, its not bad at all. A. google B. Facebook