I think folks misunderstand me when I say: "pick your market first."
"Market" = "A group I'd like to sell to."
"Market" = "A category where people are currently spending $."
Example:
"The global diamond market is currently $82 billion USD."
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Summary: "A group of people" is not a market. "A group of people spending money on X" is a market.
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Another illustration of what I'm describing here. The fact that Rob is "a founder" isn't terribly pertinent. But (from a market perspective) what's more interesting is that he's "a founder who spends money on X."https://twitter.com/robwalling/status/1197195813920706563 …
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Also notable: How many products in
@robwalling's startup stack are from established companies, with generous free tiers? It's normal for startups to keep costs low! This is "the way things are" in that market. Don't chase a strategy based on "the way you wish things would be"Pokaż ten wątek -
I like the way
@corey_gwin describes this: “Look for demonstrated demand.”pic.twitter.com/6Y2ChRJojnPokaż ten wątek -
Too often, entrepreneurs underestimate the power of inertia. If a group of people is not already paying to solve a problem, it’s highly unlikely they’ll change. You, likely, don’t have the energy, time, or resources to get a group who’s not spending to start spending.
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Don’t focus on finding a niche containing a certain number of people. What matters more is “there’s this many people spending X on Y.” Look for product categories with demonstrated demand, not crowds of people that might want something you have for sale.
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The fallacy goes like this; “There are a million of people in this group. Surely 1% will want what I have for sale.” But, it’s completely possible to have access to a large group where nobody wants what you have for sale.
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If you’re interested in building remote tools, I wouldn’t be asking “how many remote workers are there?” Instead, I’d ask: “how much was spent on remote tools in 2019? What types of tools were people spending money on? How many tools does a team use? Who makes those choices?”
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Good thread, thanks Justin
Dziękujemy. Twitter skorzysta z tych informacji, aby Twoja oś czasu bardziej Ci odpowiadała. CofnijCofnij
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Wydaje się, że ładowanie zajmuje dużo czasu.
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building
potentially good markets.