As an entrepreneur, you must take time to consider the potential size of the market, what the competition is doing, and how far they have gone. Consider what you bring to the table that is different – a new technology, service, or marketing strategy. If you’re to succeed, there must be something unique about what you are doing. Be prepared to keep changing it to stay ahead. Markets change quickly. Be ready and flexible. But always start with an edge.
When preparing to begin a new enterprise, consider the market size. Is there sufficient opportunity for you to find customers who want what you have to offer?
For example, a city in Africa with a population of 1.7 million people, where you will find pizza, Indian food, and even an El Gaucho restaurant…but no Tex-Mex. That’s a large potential market for selling tacos!
Evaluate the competitive landscape. Are there thousands of others already doing what you want to do? If so, this crowded market is not the place to rise to the top – the first-comers are already there.
Look for blue sky – that market where little competition exists. Blue sky is a market or opportunity where you are free to create and explore before everyone else catches up.
Hot markets are tempting. They look promising and always seem easy to enter. But be wary: by the time the market is sizzling hot, the tide has already risen and taken people to the top. The trick is to create and explore before everyone else knows the territory.
Ask yourself if the barriers to entry are easy to overcome. Can you start small? What does it take to give your idea a try?
Decide where you are and what’s missing near you. What are people lacking? What can be improved? What’s coming? What administrative/legal/financial hurdles will you need to jump?
If you are alone in your business proposition, you will either be rewarded almost immediately, or you will find out how stupid your idea is pretty quickly. Neither are bad results.
Are you introducing something new to the market? If you are to succeed, there must be something unique about what you are doing. Be prepared to keep changing it to stay ahead. You’re not going to solve anyone’s problem by launching a business where there are five very similar businesses next door. No one else is selling Tex-Mex food in that city in Africa…so if you do, you’ll have a monopoly on tacos.
If your analysis shows you do indeed have a blue-sky market, jump in with both feet. Remember, quick success and quick failure are both good options. And always be ready to start again.
You will have far more success opening a cool, fast food taco stand in a city in Africa than in London or New York. You will be alone, and you will be different, and that’s a great advantage.
I’m a seasoned start-up entrepreneur and property financier who built built businesses worth over $200 million. Since 1992, I helped start a bank credit department, founded a mortgage company, and built the largest single-branded real estate company across five countries in Central Europe. I also developed a portfolio of shopping centers and hypermarkets in Eastern Europe, constructing over two million square feet of retail space.
Today I am involved in the entrepreneur community, trying to share what I’ve learned and I serve as a mentor for startups.
I have authored a new business startup report called “How To Start A Business”. This shows you how to find, enter and profit immediately from a high demand market with virtually no competition… what I call a Blue-Sky Market!
This is how I could turn £400 into £50,000 in just 8 weeks.
Blue-Sky Markets are all around us. You just have to know where to look and have the courage to do things a little different.
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