Entrepreneurship and Creating a Niche - The Basics according to John Barksdale
It’s not easy being an entrepreneur, you need to work hard and have a healthy dose of luck as well to make the right decisions. But if you can overcome your challenges then the rewards are great. John Barksdale was just 13 years old when he started his first business venture, and by the age of 17 he’d made his first million dollars. It wasn’t an easy journey, but making the transition from teenager in Upstate New York to successful international businessman proved to be the right one for Barksdale.
What do you need to make the right choices for yourself and your business? How can you get a clear understanding of what idea and options will work for you? Identifying and creating a niche for yourself is a good first step in this process.
How to create an entrepreneurship niche
There are a few ways you can create your niche, no matter what industry you choose. Here are a few ideas that might help point you in the right direction.
● Specialize: If you are in an industry that has a lot of generalists, that is, people who have a know-how of the entire field but do not have in-depth knowledge about a specific profile, you can concentrate on a specialization. You can create a specialized product or provide specialized services in the industry.
● Get creative: If you happen to be in an industry that seems saturated but you can see potential, get creative and come up with ideas that can make a process, product or service better, more efficient or more effective.
● Go offbeat: If you have an idea that can work across industries or a completely fresh idea that has never been tried in your industry, create a plan, refine your idea, and get started. You can pick up ideas from other industries and apply them to your products or services in another, seemingly unrelated industry.
● Find or create a market: A big aspect of starting your own entrepreneurial venture is to find yourself a market. You can look for untapped markets or you can create a market to suit your requirements.
“The way to get started is to quit talking and begin doing”
Walt Disney
Why should you create a niche for yourself?
It is important to answer this question to understand the significance of this step in the process of planning your venture.
● Better marketing: New, untapped markets mean that you can sell more and have a greater reach. There is no comparison or competition when you start out, giving you headway into the market share for your product or service.
● Higher chance of success: Being able to capture markets better, increases your chances at being successful. Less competition and a high market share can lead to good profits early on, giving you the opportunity to expand and scale up faster, leading to greater success.
● Greater possibility of innovation: When you find or create a niche, there is so much untapped potential that you have a better possibility to be creative, innovative, and create a product or service from scratch.
A big part of being an entrepreneur and succeeding is related to being able to carve a space for yourself in the world of entrepreneurship and in the industry you have chosen. Only if you can stand on your own and stand out of the crowd will people who matter take notice and show interest in you and your work.
Learn more about John Barksdale:
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