What would be your move is this situation? via /r/Entrepreneur


What would be your move is this situation?

So I'm in kind of an interesting situation with my start-up business. I'm 21 years old on my 2nd business venture. (Previous business was retailing online.) I plan to bring a new form of entertainment to my area.

I started working on my idea around 8 months ago. In around April 2018, I learned through social media that another group of entrepreneurs was planning to bring the same idea to the area. At this point, I was already committed with a fair bit of time and capital. I started going into overdrive, working as fast as possible in an attempt to open before them.

Over time, I did some research into my competitors. Turns out they don't have a registered company name in my state. Their website and promo video were also just taken right from google. The entrepreneurs planning to start it all run serious businesses at the moment. (I do not). There has been no new information on my competitors beside reposts since April 2018.

I just recently decided on a space to rent. The lease is being created and should be ready in a week. I have a logo created, website ready, business plan, entity in my name, and a marketing plan in place.

So my question to the subreddit is this: Should I release my idea to the public before I sign my lease? In your opinion, will this scare my competitors off? Or will it force them to work harder to try and beat my to opening?

My plan was to release my idea to the public once I had a set opening date, but I'm having second thoughts. It's important to beat out my competitors to attract local PR and steal first time customers away. Any input/advice is helpful. Thanks!



Submitted July 23, 2018 at 12:46AM by dirtrider19
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