Forget The "Big Idea" To Make Your Millions
The best advice I’ve gotten in building a profitable business online or offline, is to find a market that already EXISTS, make sure people are already buying in it, and then offer them something similar to what they’re spending their money on… and make YOUR product BETTER.
If it’s a highly competitive market, or there are serious barriers to entry, reconsider.
If there are NO players in that market, the thinking will be that it’s a huge opportunity, and you’ll feel giddy as a school girl at the possibilities.
However, it’s a big red flag…
Chances are, there’s a reason why no one is competing in that market. It’s counter-intuitive thinking, but it makes sense! The false notion is that you have to create something new or something no one has ever thought of to go make millions with it. TV shows like “The Big Idea” feed into this misconception.
But statistically speaking, your chances of making it big with a brand new, fresh invention are close to 15%… VERY low.
Granted, the payoff is huge if you get lucky and offer something that people actually fall in love with and want to spend money on, but that’s rarely the case. You might as well go to Vegas.
Inventing something fresh is trying to create a brand new market that doesn’t already exist, which is extremely difficult to do. That’s why the Thomas Edisons and the Henry Fords of the world are rare.
If there’s a market niche that already exists with only a handful of competitors, the barriers to entry are low, and the competitors are making a lot of money… bingo. You got yourself a potentially big opportunity in front of you.
It’s also counter-intuitive to think about what people in any market are already asking for. What’s coming up in people’s conversations? What are they already frustrated with? What are they buying and using right now that’s satisfying them, but is lacking something that could satisfy them MORE?
Fill a gap that’s already there. Don’t try to create one.
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XpectMore said:
I find this to be great advice. I have so many niches though that I can not stop on just one yet. I just want to see which one works the best.