I think people are overly concerned about competitors.
At least two people now have read my blog and set up their own businesses. One of them practically Xeroxed my business, and his I-can't-believe-its-not-me is fairly decent. I always joke that since my sales have doubled since then all I need is to recruit two more people who understand copy/paste and then I can retire. (The numbers in the joke are way out of date.)
Similarly, I was myself a new upstart competitor to the established market participants back in 2006, and I haven't killed them, either. (The idea is not to pick a market with no competitition -- that is a red flag there is no money to be made. Instead, pick a market where there is an addressable niche for whom the existing choices are painfully inadequate. Then, sell pain relief.)
At least two people now have read my blog and set up their own businesses. One of them practically Xeroxed my business, and his I-can't-believe-its-not-me is fairly decent. I always joke that since my sales have doubled since then all I need is to recruit two more people who understand copy/paste and then I can retire. (The numbers in the joke are way out of date.)
Similarly, I was myself a new upstart competitor to the established market participants back in 2006, and I haven't killed them, either. (The idea is not to pick a market with no competitition -- that is a red flag there is no money to be made. Instead, pick a market where there is an addressable niche for whom the existing choices are painfully inadequate. Then, sell pain relief.)