The crux of every startup is to build on an idea that will be catering to an untapped market. But there’s a thin line between and untapped market and an insignificant untapped market. It is important to identify the difference between these two and choose a profitable option.
In the race to offer a service that isn’t already available, most startups access a virgin segment. The hope attached to this ideology is that the number of competitors they will face will be little to none.
There is a certain risk involved with grand ideas. These are avoided to provide a safety net for the founders. But it’s important to know, by avoiding this competition; you’re running away from great ideas. Competition is a given, and if you’re building something good, you WILL have to deal with that. So you might as well deal with it head on.