Copying and market saturation

In Bangladesh when new products enter the market, it becomes saturated faster than the cyclone. Everyone tries to duplicate it, especially small businesses. When anyone sees a successful small business with a small investment, they want to follow or copy that, so the market becomes so saturated that its price drops. Recently home-baked cake was so famous and viral in the market that everyone came in the road with their home-baked cake, whether the quality was good or not. Like this, there are lots of other example. Waffle culture was first introduced in the Bangladesh market by Waffle Up, and recently this was copied by many other brands like Waffle Time, Waffle Bae, etc. Many people are more towards copying rather than innovating something new, because of which many small businesses are becoming unsuccessful.
In Bangladesh, there are no shortage of opportunities and scope, but people are less interested in taking risks and starting something new. So, they try to start a business with a type of product that is profitable and already existing in the market. But they don't understand that it is not just harming the competitor but also increasing the chance of failure of their own business.
The government should introduce appropriate restrictions and policies for small businesses so that the market does not become saturated. It should also encourage people to develop innovative ideas and bring new products or services in the market. Providing funding opportunities for small businesses and entrepreneurs would further motivate them and boost their confidence to take risk and start ventures that offer something genuinely new.

Sumiya Akhter Anima
Bachelor of Business Administration
North South University
Sumiya.anim@northsouth.edu