I have been working on an idea partially for about 2 years while I’ve been in school. Right now I am deciding if I should just drop it. From what I’ve been seeing in the market, there are a few companies that have been around for many years. So I doubt I could compete with them. The core thing about my product which I really truly believe in and see that the market needs (helping parents find things to sign their kids up for) and no other product really offers, is extremely dependent on getting lots of users at some point. There is one company that is pretty similar to the idea but they failed on the one feature I am doing. If my product is dependent on competing with these other companies in order to get users to power the main service, is it even worth it? Id be able to provide the service for free which no other company can do.
The secret to success in business is to learn what you need to learn as quickly as possible. Best way to do it is through struggles and even failures. You’re young, I assume you don’t have a house or a family who need financial stability. You have little to lose. Go for it if you are still passionate about your idea.
I am passionate about it but I am concerned that the market is just so bad there is no point in trying. That is, competition that has been in it for years but still only have 50ish employees.
The benefit is that the childcare market is so bad that if I could create a product and offer it for free, then I would presume that these organizations would want to use it to save money where they can.
That sounds like a very decent sized team for this type of product… Why do you think this is small? How big is your team by comparison?
It would hardly take some time for those well settled competitors to replicate your core features. Market without money is difficult to sustain. This can be a side project if it is to be given for free