Because I think this should be a generally supportive forum and that entrepreneurship should be encouraged I usually refrain from insulting someone's ideas so rather than addressing them directly, I will go on a little rant with a checklist of things that you should ask before you start a business.
- Is your product differentiated?
Don't start a fucking candle company. You are never going to beat the companies that benefit from economies of scale. If you are going to start a candle company, however, make something really cool. There was a guy who blew up on TikTok selling $40 candles shaped like Xanax bars. Maybe make something that the big companies won't or something for a niche market.
- Does your product provide value to your customers? Would you buy it?
The number of teenage dudes who think they are Gianni Versace because they made an Instagram account and printed a dumb logo onto a T-shirt is astounding. Do you like fashion? Consider doing something actually creative. Maybe make a company that sells clothing that looks like something Louis XIV would wear. There is someone who would pay thousands of dollars for that fit. The next time a big movie that takes place in the Renaissance you might get a huge commission. (I actually think this is a great business idea, someone please do it)
- Is your company a Monopoly or Perfect Competition?
As Peter Thiel says, COMPETITION IS FOR LOSERS. (Read Zero to One)
Does anyone have any bullets they would like to add? There are certainly more.
Edit: Take one was definitely had its shortcomings and there are some insightful critiques below. I should reiterate that your product doesn't have to be differentiated but creating a product that already exists in a market that has bigger and more experienced players already is generally a bad idea. I think the overall point stands but some pedants below are butthurt.
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