You come out with a novel product. People like it.
And within 6 months a friend comes out with a copy cat product. And the worst part is, you have taught this friend the tricks of the trade.
What will be your reaction?
My reaction: I like my friend more than ever before!
1. A copy cat product is partially a proof of your concept. It says, “Yes, people like this product. And some are even willing to take risk, by making it their business”.
2. While your competitor has lifted your idea, he will not remain dormant. He will add more features to it. In essence this competitor is giving you fresh ideas, which may have not crossed your mind. If the ideas are good, accept them VERY QUICKLY!
3. While the competitor doesn’t remain dormant, he keeps you all the more alert and you are always on your toes in the pursuit of growth.
4. The competitor expands the market pie, forget market share for the time being. More people come to know about your product. And eventually, people will gravitate toward a better product.
5. In the end, the fuel for any business is the passion and courage of the entrepreneur. If you have that and can put that into action, do you think anyone can copy that?
What is your view?