🌼I currently run four successful online businesses.(LEARN FROM THIS)
This is aimed at younger folks and those just getting started in entrepreneurship, particularly in tech.
All over TikTok and Reddit, people keep throwing around all this useless advice to “become successful.” Wake up earlier, read more books, etc. Courses about getting an “entrepreneurs” mindset. That you have to hustle and work hard.
All of that is bullshit. Those attributes will not make you successful.
Read also: Mindset of an entrepreneur (must read)
Learn MoreI mean don’t get me wrong — it’s good to organize your life. But speaking as someone who founded several businesses and (as of recently) works at a VC firm, these trendy pieces of “advice” are all platitudes.
The best piece of actionable advice I can give, based on founding four successful businesses and working with other successful firms, is this:
1). Pick and industry or niche, and master it.
This is more generic than my next advice, but I mention it because it’s a huge pre-requisite that’s not emphasized enough. Identify the industry or niche you want to enter (as specifically as possible) and become a master in it. Learn everything you can.
Buy products from your (future) competitors. Understand the pain points that consumers in this industry face. Do market research. Figure out which keyword combinations to target. Learn about the technical attributes.
The most successful businesses I’ve worked with all follow the same trend: They were formed by people who used to work in a specific industry as 9–5 employees, working for a company. They accumulated significant industry-specific knowledge, and understood pain points. Then they started their own business in this industry, targeting those pain points.
2). Target an intersection of two industries or niches.
What happens if you can’t pick which industry or niche to enter? Or what if your selected industry is too competitive?
Do this: list what you’re good at, or what you’re interested in. These can be as random as you’d like. Then, pinpoint a (viable) intersection between two listed interests or skills.
For example: let’s say you can build websites relatively well. You’re also interested in cars.
As we’re all aware, the web design industry is **extremely** competitive. And what do cars have to do with web design?
Instead of entering the web design field, enter the web design field targeting automotive dealers and mechanic shops. Build a few fake demo websites for auto mechanics, and then cold call auto mechanic shops with poor websites and offer them their services. Capture the vertical.
Time and time again, I’ve seen this trend:
Person works for a corporation, in a specific industry.
Person accumulates knowledge about said industry.
Person leaves the company, and starts his own small business targeting a pain point that their former employer was unwilling to target.
I originally posted this on Reddit and it seemed to have taken off so I decided to share it with you all.
Read also: Four ways to get more out of your day (highly recommended)
Final thoughts: It’s really important to focus on the product. When someone purchases something from you, you’re convincing them that the value of the product is more than the money they’re giving you. It’s not an equal exchange — it’s inherently biased to favor the buyer.
If you create a product or service that exceeds others, you will win. Narrowing this down to a niche lets you more easily outcompete others.
And in some (very lucky) cases, you may be their only option.
CONTRIBUTED BY Edward Williams
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