We all know that the concept of "copying" is not really new. But for some reason, people get very upset when someone reaps the benefit of their hard work.
This article will help you understand the truth about copycat businesses and how to deal with them properly.
First, it is important for any entrepreneur to appreciate that copying a business model is not stealing, copying one small part of someone else's business model is not stealing even copying an entire business model is not stealing.
As an entrepreneur, if you are afraid of copycats then you will never execute any of your ideas. Imitation is the sincerest form of flattery and should be encouraged in the business world. Being afraid of copying a great idea can hinder your success. However, even when copying, you have to do it in an ethical manner.
Many great companies have copied earlier successful companies but they execute their ideas better than the original brand and therefore are better known. Copying is a part of the entrepreneurial process and this is why we have several businesses, doing the same activities. What makes the difference is how they execute their activities. This encompasses how they associate with clients, how they communicate their message, how they handle challenges, how they allocate resources, and many other factors. They are simply copycat businesses but execute differently. And this is what sets them apart from others.
Doing something new and original is great, but if you are not sure how to do that, copying someone else's idea is fine as long as you execute it well. But if a competitor becomes better than you at executing the same idea, then they deserve the credit and success, not you. Simple as that.
The only reason you would be afraid of copycat businesses is if you do not understand how to execute your idea. If an idea is copied, you can change the way you approach things to create a unique value proposition for yourself. Not forgetting, if someone copies your business model, then it will benefit you because it means that your business model works.
So, as an entrepreneur, you always need to remember that you do not need an original idea to be successful. If you are executing your idea well, then it does not matter if your idea is copied from or by someone else.
Copycat businesses have the same opportunity to succeed as original ideas, as long as they execute their plan well.
Every entrepreneur needs to appreciate the fact that copycat businesses and copycat entrepreneurs are everywhere, and some of these end up becoming really successful businesses and entrepreneurs. This is because an idea is not what makes you successful. It is the execution that does. The thin line between successful copycat businesses and stranded originators is the execution.
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