Several years ago when Groupon was blowing up here in the states, I thought it would be a great idea to clone this business model and start it overseas. At the time, I had a Korean friend who I was working with and we decided to start on this project together and launch a similar site in Korea. We built/coded the site, put it on a nice domain (one of them was Sadah.com (the word pronounced in Korean means “buy”), and even lined up everything we needed to start the business and go live. We hopped on a plane to Asia, and spent 8 weeks traveling and partying instead of focusing on this business opportunity. I got a bit burned out from all of the moving around and decided to come home instead of venture on to Korea with my friend to start the business. In the end, we never got the website off the ground and live…. what a huge mistake!
On a flight to Brazil recently, I was casually reading Forbes magazine, and ran across this article (http://www.forbes.com/sites/jjcolao/2013/08/14/how-an-e-commerce-king-is-conquering-korea/). As it turns out, someone else ran with this same idea, a year or two after we were even going to start it, and it became a HUGE success! $650 million + in sales in their 2nd year of business!
I knew this was a huge opportunity, but I wasted it. Don’t make the same mistake I did… If you have what you believe to be a great idea, go for it!