As an aspiring entrepreneur, I've always been on the lookout for the next big idea. One day, while browsing the internet, I stumbled upon an app called Gas, which was gaining popularity in the United States. The app allowed users to anonymously find out who had a crush on them, and I immediately thought this concept would be a hit in South Korea.
Excited about the potential of this idea, I quickly assembled a team of talented university peers, consisting of five developers and one designer. We were all passionate about the project and dedicated a significant amount of time to it, holding weekly meetings and assigning coding and design tasks to be completed at home.
After weeks of planning and designing our Minimum Viable Product (MVP), we were finally ready to start coding. However, just as we were about to dive into the development phase, I discovered that an app identical to ours had already been launched in Korea. To make matters worse, it had been created by a group of talented high school students who had beaten us to the punch by just two weeks.
These students had already gained over 20,000 users and openly admitted to copying the Gas app, just as we had planned to do. Our team was devastated, and we were forced to pivot to a different idea.
This experience taught us a valuable lesson: speedy execution is everything in the business world, especially in the startup realm. Ideas are a dime a dozen, and it's not uncommon for multiple people to have the same idea simultaneously. What sets successful startups apart from the rest is their ability to execute their ideas quickly and efficiently.
In the fast-paced world of startups, being first to market can make all the difference. Our team learned this the hard way, but we're now more determined than ever to succeed with our next venture. We'll be sure to prioritize speed and efficiency in our future projects, ensuring that we don't miss out on any more opportunities.