How do you deal with paranoia about competition?

I'll try to be, but first I think I have to gain traction. In Southern California, where I live, you don't get investments unless you're either a previously successful entrepreneur, or your company has good traction. A guy who just has an idea and hasn't launched yet very rarely gets funding here; that's more of a Silicon Valley thing.

Why don't you try to look up for investors in other countries, there's a lot of money in places like México. The rich people there don't know where to invest their money in the country, so they just continuously buy real state and stuff like that, or just keep the money safe in Mexican Treasure Bonds.

There's nothing in Mexico that compares to what you guys are doing in the US, specially in Silicon Valley. I know a lot of risk investors who would love to hear some great ideas from the U.S. and they have a lot of cash.

Thanks for the response. I know it's a good idea because it's already something that's being done in the real world, but no one so far has made it easy to do for people online.

Think for instance about how Amazon. People were buying books before Amazon existed, but Amazon made it possible for them to order books from the comfort of their own home; so the founder/CEO of Amazon Jeff Bezos did not need to re-invent the wheel; all he had to do is target an existing need for people but make it easier for them.

My business does the same thing; makes it easier for people to do something that they're already doing. I've gotten positive responses from the people I trust enough to share the idea with in real life; mainly family members, since I know that they won't launch a competing product.

I know that appearing on TechCrunch doesn't guarantee that a company will succeed. However, often times a TechCrunch article has to do with a company raising a round of funding, which is what I'm really scared of; that I would start a new business and 6 months down the road I see that another company has launched with funding, targeting the same area. I'm removed from Silicon Valley, as I live in Southern California, so it's not easy for me to raise money the way it is for people in the valley who have connections.

Ultimately I think I just have to work harder than any potential competitor and hopefully that will mean I succeed in the end. I'd rather do that than to sit on my idea and watch someone else create the company that I should have created. Once again thanks for your response!

No worries. Hope it all works out!

The same has happened to me multiple times but this time I think I've done a thorough search.

Yes. It's sort of like how after Groupon achieved initial success, tons of competitors emerged with the same type of daily deals business. It's annoying that so many people are unoriginal; they can't come up with an idea on their own; they just copy what they see is working. That irritates people like me who came up with the idea in the first place.

But, since we live in a capitalist society, I can't prevent competitors from emerging; all I can do is try to move faster than them and become the "it" company in my space, sort of how like Microsoft wasn't the only software company but now they're basically an unstoppable force with their Windows operating system, and most of their competitors are out of business.

Does WP OX mean anything to ya'll?

Gah.. meant to say "I now have those patents".

Good point. I had come up with ideas like that before, where it seems brilliant on paper or theory but the market is either not ready for it, has no need for it, or it's an idea that can only be implemented by a company that has millions or billions of dollars to spend.

For instance, the Segway seemed like a brilliant idea to it's founder and he raised tons of money, but only a few people wanted to buy one, so his company failed to live up to expectations.

My business won't be like that though since the barrier for entry is pretty low; I can do it with only a few hundred dollars at most; but this means that so can my competitors.

That's why when I launch I have to hit the ground running and become a huge company before competitors emerge. That's why I won't seek out any press, since that'll only create competitors. I'll try to grow quietly the way that Pinterest did.

=)

That thought scares me. It's why I check tech/business related sites every day to see if a competitor has emerged, but I can't know if a competitor is working on the same idea in secret and either hasn't launched or hasn't sought press. You're right though. It's all about who grows the quickest.

Being first is overrated and very risky. I'd rather be a fast follower unless I was somehow able to get a patent on the business that holds up... that being said, patents are usually a waste of money because they often aren't done right.

Consider patenting your idea, but make sure you get a good attorney. It'll be expensive but well worth it to protect your idea if you are going to make the plunge.

It's not an idea that's capable of being patented. Plus, the patent process would just waste my time as it takes years to get a patent usually, and by then competitors could already emerge. It's better to just build now and move fast. Thanks for the response by the way.

You're right my friend. So far I've appreciated all the responses in this post. Very helpful and you guys have enabled me to focus on what's important. I can't control what other people do, all I can do is try my best and see what happens. Thank you all.