I'd broadly agree with Kevin Kelly and Naval who articulates this with "escape competition through authenticity" https://overcast.fm/+Q4m4jr2YQ/35:08 … Starting in a niche where you can build the absolute best product for a defined reachable market (even if small) is a good strategy.
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Basically "the myth of the niche internet business" is true, not a myth, and broadly good advice, especially when first starting.
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W odpowiedzi do @tylertringas @mubashariqbal
Guess we disagree! All the successful companies I’ve seen have targeted large niches (millions of potential customers, or 100s of millions potential revenue). The reason: even a great company will only be able to capture a fraction of their niche.
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W odpowiedzi do @mijustin @tylertringas
Yes, but who starts by targeting millions of customers? Every successful company starts small and grows from there. Facebook started with elite colleges. AirBnB started with couch surfers, etc.
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W odpowiedzi do @mubashariqbal @tylertringas
Like I said: For bootstrappers, you need to target a market that’s total size is in the millions, or, is worth 10s of millions. Zen Planner targets the fitness training market: 60,704 businesses, worth $10 billion. WPengine targets WordPress sites: 37,500,000 potential sites.
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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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W odpowiedzi do to @Shpigford@mijustin i jeszcze
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
$X,000,000 businesses to be legit. False.3 odpowiedzi 6 podanych dalej 35 polubionych -
Right. I think Justin is making this mistake here (or that's how I and others are interpreting it). Every business that gets *big* almost by definition finds its way to a big market in some form. But it doesn't follow that to succeed you have to start targeting a big market.
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W odpowiedzi do to @tylertringas@Shpigford i jeszcze
I think the main point
@mijustin is making is that you've gotta make your market selection decision very consciously. It's OK to target a small, tight niche if that'll support your business goals. Just know what you're getting into. Don't start w/ a product in search of a market.2 odpowiedzi 0 podanych dalej 2 polubione -
W odpowiedzi do to @RyanTheJenks@Shpigford i jeszcze
I agree with that statement but don't think it's the takeaway most people are getting from "the myth of the niche market"
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Judging from my inbox, DMs, and replies, most folks are taking it the way @ryanthejenks is describing.
(Especially those that have read the full-length blog posts)
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