Copy that, Copy this, Copy, Copy… 90% of everything that exists on the market is copying of something else. Are the copy business and imitation profitable and efficient strategies for current and future entrepreneurs?
I think Yes. One of the mistakes, because too many potential entrepreneurs don’t become entrepreneurs, is because they try to find a unique market niche that doesn’t exist. But, in many cases, the unique market niche that they want to find doesn’t exist because there is no need for such types of products and services. The imitation is a profitable and effective strategy because with the imitation or copy you can get much more benefits:
- You will jump into the market that already exists,
- The much lower risk you will take,
- The startup and running the business will costs you less, and
- You will have much lower entrepreneurial stress.
Today on the world market exists so much successful business that was born as a copy of someone else ideas or someone else businesses. Imitation is simply doing something that already is done by someone else. It is using the idea that already exists.
Here are some pieces of advice about copy business and copying other companies to create your own business that will be superior on the market.
#1. Don’t Try to Find Businesses That’s Never Been Tried Before
Sometimes entrepreneurs stuck at the stage of finding business ideas that don’t exist on the market. If this strategy succeeds then there is a probability of building a successful business. But, the percentage of successful entrepreneurs with this strategy is too small. With this strategy, you must invest time, money, and energy to build something that doesn’t exist and something that doesn’t guarantee your future business success. What will be if there is no interest in that market? Clever entrepreneurs don’t take a risk with something that doesn’t guarantee success. You can check and find that there are many companies as a result of copy business and cloning already existing business models.
Because of that if you are a start-up entrepreneur or small business owner don’t try to find a company that’s never been tried before. Leave that for large enterprises that have enough resources with which they will cover their own failures in something new. But, if they succeed in that, use copy business strategy and replicate their success into your own business.
#2. Find Your Hero
Every person has some heroes that want to copy and look like them, live like them, behave like them, work like them… You must find the successful entrepreneurs or businesses that you can copy into your own business. The task is to find someone who already has experienced success that you want. Make a list of possible entrepreneurs and businesses and use them in the next steps in this process.
#3. Follow Them
When you find and choose your idols spend some time in following them. Answer these questions about your idols:
- What are they doing for their business success?
- What is the step-by-step process that brings them to success?
- How they are marketing their business and products and services?
- What is their behavior?
Follow them and answer on these questions to find the secrets of their success.
#4. Study and Learn Everything that They Do
Study and Learn, test and implement, and again study and learn… This is the basis of successful copy business while copying someone else business success. You must answer these questions after studying their success:
- Why they are better from other businesses in the same industry?
- What are they making different from others?
- What is their superior value?
- How they are recognizable on the market?
- How are they building their credibility?
#5. Copy All Success Factors into Your Business
After you have knowledge about their business success factors, you can start making a plan for implementation. You want to implement everything that makes them successful in your own business. Implement all factors that you identify in the previous step. Don’t try to exclude something that you identify. Copy all of them into your business.
Copy Business #6: Improve Them
Now, you have already made a system and potential for your own business success. But, you want to be number one on the market. Because of that don’t stop here. Improve it. Improve all factors and implement other factors to be better from businesses that you already copied. Also, improve it if you want your business to be recognized as something unique on the market.
Now, what you think? Is your business a fake copy or a unique business that copied and improves on other businesses? I think that you have an original business though it is born from other people’s ideas and success. The process is simple:
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