Creating a completely different business idea is not the only way to your market less competitive. Many successful business owners have trained themselves to identify missing links in the models of existing business ideas. This indirectly provides them access to rebrand such business idea in a bid to make it preferrable by potential customers.
For instance, a particular soft drink bottling company in Nigeria saw the need to ease people the stress of handling, returning and storing glass bottles. A top business idea was birthed and this paved the way for plastic soft drinks bottles which was later implemented by others. One of the success secrets of Dangote’s investment as a business man is that most of what he produces are products used in the country daily with few or no alternatives. You’ll discover that most of these products have been in production before he started. What he discovered was the missing link.
Agreed. By constant reflections and scouting for problems to solve, you may stumble on new business ideas to invest in. Nonetheless, It’s also good to understand that doing what has been done differently is also creativity. Believe me, a new packaging or adding a new flavour in an existing product may go a long way in making a difference. Because you can’t think up new investment ideas should not stop you from starting your own business.