Not sure it's possibly to usefully debate this when you can re-define both 'niche' and 'market' to match survivorship bias. Particularly challenging in tweets.
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Ok, but 60K is not “millions of users” like your previous tweet said. Also when WP Engine started in 2010 there wasn’t 37M potential WP sites for them to host. It’s always easy to look at what people are doing now, and forget what the market looked like when they started.
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The one final thing I’ll add to this convo...there are a lot of cos serving small niches that people never hear about. eg: until I worked at a pharmacy I never heard of at least 20 cos that serviced just speciality pharmacies. Most people don’t know what a speciality pharmacy is.
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I think Tyler is talking about the very narrow initial focus which is part of a bigger market (e.g freelancer with need for WP website, IN the WP market) and Justin is taking about the general market which your ultimate target should be (e.g the whole WP websites market).
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Which the two don't conflict imo, just talking about different terms. The initial one for crafting the product initially (like people going to confs w/o proper accomodations) and the broader market is for room to get bigger than that (everyone who needs a place in travel)
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I'd add a big, fat, hairy caveat to this entire discussion: not everyone wants to or should aim for building a million/multi-million dollar business. Yet most of the advice around startups is geared towards hitting it big.
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There are an obscene number of opportunities in building $X00,000 businesses that never see the light of day because everyone keeps thinking you have to build
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Why though? If you want to start a business that makes, say $300k ARR, you probably need to target a market w/ total revenues of >$100million But I don't see it's important whether that's 5 customers or 50'000 --> *unless* the founder isn't good at aligning solution w/ pain...
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Certainly, founders can do whatever they'd like.
But:
"Bootstrapping is already hard, don't make it harder!" – Jason Cohen
5 customers is inherently more risky (and generally not a good fit for bootstrappers).
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