“It’s too competitive.” “That niche is too saturated.”
Too many wantrepreneurs and entrepreneurs give up before the first punch is even thrown.
I agree that looking at the landscape of an industry and looking at the amount of competition should be a way to determine whether or not a business idea is viable.
However, most people look at competition the wrong way.
They look at competitive industries as a sign to not enter.
The correct way to look at it is to find the niches where people and businesses are making a lot of money. Follow the money.
I’d much rather scrap it out in a competitive niche and get a small slice of the pie, than find a niche that’s barren and dominate it. 100% of 0 is still 0.
Businesses don’t get into an industry to not make money. The reason things are competitive is because they are profitable!
That should be your green light, not a barrier to entry!
Sometimes there are things that are gold rushes, such as when the App Store was first introduced by Steve Jobs in 2008.
Everyone and their grandmother started making apps.
However, if these people (who made a lot of money) were put off by the amount of other people creating apps at that time, they would have never started and instead lost out on an amazing opportunity.
Do you know how many downloads the App Store gets a day? Back in 2014, Apple was reporting close to 8 million downloads a day. Even getting a fraction of a fraction of that very large pie can make someone a lot of money.
You will not find an untapped niche or industry. If it’s a profitable and good idea, you can expect a large amount of people doing the same thing already.
For every person that doesn’t pursue a business idea because it’s “too competitive” another person comes along and does it anyway and makes money.
We all need better perspective. We only need a very small piece of the pie to make a lot of money.
Gone are the days of businesses obsessing over “market share”. As more and more of the world’s population comes online, there’s more and more room for everyone.
We’re not a bunch of clothing stores in a mall competing for customers anymore.
Have better perspective in your next venture and instead let competitors get you excited about the prospect of moving into a new niche or industry.