I feel like targeting either a large or small industry can be successful. If I'm going to make a sweeping generalization though...I'd say competing in a large industry might lead people to raise more VC dollars, where smaller/targeted markets can be better for bootstrappers
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W odpowiedzi do @dhomann @tylertringas
Many successful bootstrappers targetted large product categories: - Basecamp (PM software) - ConvertKit (ESP) - Mailchimp (ESP) - Campaign Monitor (ESP) - Wildbit (ESP, code hosting) - Kayako (help desk) - Braintree (payments) - Craigslist (classifieds)
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W odpowiedzi do @mijustin @tylertringas
I think a lot of people would consider those companies more the exception rather than the rule. You can be successful no matter what size market you target. I’d argue you have a higher batting average in smaller markets but smaller chance of an oversized outcome
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W odpowiedzi do @dhomann @tylertringas
“You can be successful no matter what size market you target.” Are you sure that’s true?
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W odpowiedzi do @mijustin @tylertringas
As long as the market size is theoretically enough to pay one the equivalent to one person’s salary, then yes.
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W odpowiedzi do @dhomann @tylertringas
I’ve given a few examples of companies and markets here. I’m curious: can you give me a few examples of a bootstrapped software companies that fit your definition of "going after a niche market?"
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W odpowiedzi do to @syamantics@anupom i jeszcze
I wouldn't consider online English teachers serving the Chinese market a "very small niche market." "From 2016 to 2017, there was a 298% growth from 123.6 billion RMB to 489.7 billion RMB." https://justinjackson.ca/today pic.twitter.com/QqV9bYeh9F
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problem is you're defining niche as "*too small* of a market to be successful" - so then you can look at any business considered successful, expand the definition of their market to something large & say "see the market was not too small"...this isn't wrong, but also not useful
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There are a number of variables that determine the value of a market: number of potential customers x how much they spend x the frequency at which they buy = current value of the market You have to be realistic about what % of the market you can get (and if that’s enough $).
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