Why Your Idea Doesn't Exist? | Dilnawaz Khan

Dilnawaz Khan

12 Oct 202003:14

Summary

TLDRThe speaker discusses the improbability of having a truly unique idea, suggesting that if an idea hasn't been attempted before, it's likely due to past failures or current market challenges. They outline three reasons why a startup idea might not exist in the market: it's either unprecedented (which is rare), many have tried and failed, or numerous players are attempting it without success due to high competition and scalability issues. The speaker emphasizes the importance of considering these factors when evaluating the viability of a new business concept.

Takeaways

💡 The rarity of an idea that hasn't been thought of before is extremely low, suggesting that most ideas are derivatives of existing problems.
🤔 There's a high probability that if an idea hasn't been realized in the market, it's because it has been attempted and failed in the past.
🏗️ The absence of a company or idea in the market could be due to various factors like team, funding, technology, ecosystem, and timing that did not support its success.
🔍 If there's zero competition for an idea, it might indicate that many have tried and failed, rather than it being a completely untouched opportunity.
🛑 The lack of a market leader in a particular space could be due to the presence of many players executing the same idea in isolation, without achieving dominance.
🛍️ In some markets, like grocery delivery, there are numerous local businesses but no overarching market leader, indicating a crowded and possibly unscalable space.
👕 The laundry and rental businesses are examples where the market is not dominated by a single leader, suggesting high competition and lack of differentiation.
🚫 High logistics costs and lack of entry barriers can make certain businesses, like local grocery delivery, difficult to scale and dominate.
📈 The script suggests that the reasons why an idea doesn't exist in the market are either because it's practically impossible, many have tried and failed, or many are trying without success.
🔑 The success of a startup or idea is not just about the novelty of the idea but also about the market conditions and the ability to execute and scale.
🌐 The existence of market leaders in various sectors, such as food delivery and e-commerce, highlights the importance of innovation and execution in achieving market dominance.

Q & A

What is the speaker suggesting about the uniqueness of ideas in the market?
-The speaker suggests that it is highly improbable for an idea to be completely unique, as most ideas are derivatives of existing problems, and it's likely that someone has already tried to solve them.
What does the speaker imply about the chances of working on an idea that has never been done before?
-The speaker implies that there is a 99% chance that you are wrong if you believe you are working on something that has never been done before, as most ideas have been attempted in some form by others.
Why does the speaker believe that if an idea is not available in the market, it might indicate a problem?
-The speaker believes that if an idea is not in the market, it could be because many people have tried and failed due to various factors such as team, funding, technology, ecosystem, and economy.
What are some of the factors that could have prevented a company from becoming a market leader, according to the speaker?
-The speaker mentions factors such as team, funding, technology, ecosystem, and timing as potential reasons that could have prevented a company from becoming a market leader.
Why might a business idea not become a market leader despite having many players in the market?
-The speaker suggests that a lack of entry barriers, overcrowding, and high logistics costs could be reasons why no single player has become a market leader in certain spaces.
What are the three reasons the speaker provides for why an idea might not exist in the market?
-The three reasons are: 1) It's a rarity and has not been thought of before, 2) Many people have tried it and failed, and 3) Many people are trying it now, but no one has become a market leader.
What examples does the speaker give of market leaders in different sectors?
-The speaker gives examples such as 'Sukin' in food delivery, 'Amazon' and 'Flipkart' in e-commerce, and 'Discovery' in healthcare delivery.
Why does the speaker think the grocery business is an example of a space where no market leader has emerged?
-The speaker believes the grocery business lacks a market leader due to the presence of local grocery delivery businesses in every small city and the high logistics costs making it unscalable.
What is the speaker's view on the laundry and renting business in terms of market leadership?
-The speaker views the laundry and renting businesses as spaces where no market leader has emerged yet, possibly due to the lack of entry barriers and the heavy overcrowding of the market.
What does the speaker suggest about the likelihood of finding a completely new idea in the market?
-The speaker suggests that finding a completely new idea in the market is extremely rare and practically impossible, implying that most ideas have already been explored.
What advice does the speaker seem to be giving to startups regarding market competition?
-The speaker advises startups to be aware that if there is no competition for their idea, it could be a sign that others have tried and failed, or that the market is overcrowded with similar businesses.

Outlines

00:00

🚀 The Rarity of Truly Unique Ideas

The paragraph discusses the improbability of having a completely original idea, as most ideas are derivatives of existing problems. It suggests that it is highly unlikely for an idea to be so unique that no one has ever attempted it before. The speaker argues that if a startup's idea does not exist in the market, it could be due to previous failures or because the market is overcrowded with similar businesses, none of which have managed to become a market leader. The paragraph emphasizes the importance of considering the reasons behind the absence of a company in the market, such as team, funding, technology, ecosystem, economy, and timing, which could have hindered its success.

Mindmap

Keywords

💡Unique Idea

A unique idea refers to a concept or solution that is distinct and has not been previously considered by others. In the context of the video, the speaker suggests that it's highly improbable to come across an idea that is entirely new, as most ideas are derivatives of existing problems. The rarity of a truly unique idea is emphasized, and it is implied that most novel ideas have already been attempted, with many failing due to various challenges.

💡Practicality

Practicality in this video refers to the feasibility of implementing an idea or solution in the real world. The speaker argues that the chances of an idea being both unique and practically implementable are slim, as most problems have already been addressed. Practicality is linked to the success of an idea, suggesting that even if an idea is unique, it must also be practical to be successful.

💡Market Competition

Market competition is the rivalry among businesses within a particular market. The video discusses the absence of competition as a potential indicator that many have tried and failed in that market. The speaker uses this concept to caution against the assumption that a lack of competition means an untapped opportunity, suggesting instead that it could indicate previous failures.

💡Market Leader

A market leader is a company that dominates a particular market or industry. The video mentions established market leaders like Amazon in e-commerce and Netflix in streaming services to contrast with industries where no clear market leader exists. The absence of a market leader in certain sectors is discussed as a potential sign of market overcrowding or high entry barriers.

💡Overcrowded Market

An overcrowded market is one with an excessive number of participants, making it difficult for any single entity to stand out or dominate. The video uses this term to describe markets where many businesses are attempting the same ideas but none have become a market leader, suggesting that such markets may be unscalable or face high logistics costs.

💡Logistics Costs

Logistics costs refer to the expenses associated with the transportation and distribution of goods or services. In the video, high logistics costs are mentioned as a factor that can make certain business ideas unscalable, particularly in markets with a lot of local or hyperlocal competition.

💡Startup

A startup is a new business venture that aims to develop and grow quickly. The video discusses the challenges startups face, such as the rarity of having a truly unique idea and the likelihood of encountering competition or market saturation. Startups are portrayed as entities that must navigate these challenges to succeed.

💡Execution

Execution in the context of the video refers to the process of implementing a business plan or idea. The speaker suggests that even if many companies are trying to execute similar ideas, the lack of a market leader could be due to poor execution or the inability to overcome market challenges.

💡Ecosystem

Ecosystem in this video refers to the network of interdependent components that support a business or industry, including suppliers, customers, and regulatory bodies. The speaker implies that a supportive ecosystem is crucial for the success of a business idea, and the lack of one could be a reason why an idea has not been successfully implemented in the market.

💡Timing

Timing in the video refers to the appropriate moment to launch a business or introduce a product. The speaker suggests that the timing of a startup's entry into the market can significantly impact its success, with poor timing being a potential reason for failure.

💡Entry Barriers

Entry barriers are the obstacles that prevent new competitors from entering a market. The video discusses how the absence of entry barriers can lead to market overcrowding, making it difficult for any single business to become a market leader. This concept is used to explain why some markets have many participants but no dominant player.

Highlights

Working on a unique idea that has not come to anyone's mind is extremely rare.

Problems are public, and solutions are often derivatives of them.

There's a 99% chance that what you're working on has been attempted before.

The idea that something has not been done before is practically impossible unless it's entirely new.

Many past attempts may have failed due to various reasons such as team, funding, technology, ecosystem, and timing.

If there's no competition for your idea, it might indicate that many have tried and failed.

A startup with no market presence or competition may have faced insurmountable challenges.

Market leaders like Amazon and Flipkart have established dominance in their respective fields.

In some markets, such as food delivery, there's a clear market leader, while in others, the space is crowded with no clear leader.

The absence of a market leader in certain spaces can be due to high logistics costs and scalability issues.

Many players in the market may be executing the same idea in isolation, without becoming a market leader.

Grocery businesses, for example, have local delivery services in every small city, with no clear market leader.

In sectors like laundry and hyperlocal services, the market is overcrowded with no dominant player.

The lack of entry barriers in certain spaces leads to heavy competition and hinders the emergence of a market leader.

Three reasons why an idea might not exist in the market: it's either a rare, unthought-of idea; many have tried and failed; or many are trying without success.

The rarity of an entirely new idea is almost impossible, suggesting that most ideas have been attempted.

Market leaders are established due to overcoming challenges that others in the same space have not.