Niching

Niching

Lesson Details:
February 28, 2020

Video Transcription – In this video I want to talk about the kinds of business opportunities to get into and the size of the opportunities also we're gonna continue on that and I wanted to start by introducing a very famous investor VC and an intrapreneur himself Mark Suster he's got this amazing blog and he's got this amazing blog post and it's like deer hunt deer hunting versus rabbits versus elephants and I'm not into hunting I love animals but this is actually I found this I discovered this years ago and I found this to be so OnPoint that I wanted to start with this and most people when they start out they want to go like huge ideas and the problem with that is those are very competitive and your competitors are gonna be super professional awesome companies run by great CEOs all that and so as much as we can they dream about competing where first-time entrepreneurs are not there yet and so you don't want to go after the elephants according to his eye Marc Marc Schuster's ideas and you don't want to go after rabbits because even if you win you didn't really win that much this could be equated to maybe a lukewarm success so deer is something in between right they have a lot of meat it's easier to hunt then an elephant so think of your business opportunities also something like this and now I want to go through a practical example maybe in in a really competitive industry so let's talk about niching in the travel industry if I ask people or when I ask people hey what's one of your favorite most passionate industries that you want to get into passion always not always but so often gets equated with travel see in the world all that people want to start a business and travel okay well it's a multi multi multi-billion dollar industry which tells me that it's oh my god so competitive like I just want to hide you know like it's just so hard and I don't want to push anyone into that because it's just for a first-time entrepreneur is just so difficult and I see so many failures so let's figure out how to niche down so instead of just all travel let's pick up place you can pick a country a state a part of a state for example here is New York travel well New York has Manhattan which is a tremendous visitor attraction a lot of people come so everything around Manhattan supercut it's still a billion-dollar industry so we didn't really narrow down that much so we can go upstate New York upstate New York is more for like backpacking outdoorsy stuff it can be for younger people it can also be for older people looking for something quieter but you have to choose who is gonna be your target audience and there are so many ways to choose this you can go you can you know people who want certain kinds of foods people who like outdoors people who want to have luxury travel but in a quieter places travel for singles travels for couples you see it's endless and you just have to instead of just saying travel you can go like I'm working on my idea it my niche is backpacking trips for singles in upstate New York through them like hiking trails or maybe couples because for singles outdoors is kind of tricky because it's you know safety related you don't know if they're by themselves so maybe for a couple outdoor travel around upstate New York okay perfect and if you do that maybe you're one of the very few or the only one who's in that niche and upstate New York Travel is still a lot you know it's still lucrative for a small business and guess what you can expand your areas right as you grow you can expand your area so there's no reason why eventually you can't have some trips down to Manhattan and do that but you gotta have some small winds first you do that deer hunting first and then go after bigger I wants a bigger fish but elephant is not a fish so my analogies and all the sayings fall apart but but you understand it's basically start small build some successes and build on top of that into and grow into something bigger but don't start with some big idea because that's just too difficult to pull off immediately.

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