Friday, December 08, 2023
Don’t ditch your niche. This is a huge mistake I see among founders, CEOs, and business owners.
They get excited about starting their business but then they hit a wall and then they decide maybe they should focus on a different market.
Then they go through a whole new learning curve then they hit a wall again and they they decide to focus on a different market.
And this goes on month after month to even years and they would have been better off and much more productive if they just stuck to one market and committed to it.
In starting and growing any business, there's always going to be a steep learning curve. It’s inevitable.
It doesn’t matter what business you’re in every founder or business owner is going to have to navigate a cycle of figuring out the right processes and systems that consistently deliver results.
Elon Musk has described starting a business as 'eating glass and staring into the abyss,' or the Nvidia founder, now a multi billionaire, who just said he would never start a business again due to its difficulty.
Social media only shows the highlight reel, never the problems, pain, obstacles, and grind and frustration that's really happening behind the scenes.
Here’s the good news. You’re learning everyday more and more about your niche.
You’re gaining specialized knowledge that will help you make better decisions and get closer to your end goal. As the book Think and Grow rich says specialized knowledge is infinitely more powerful than generic knowledge and you’re getting more and more of it daily.
You just have to stick to the plan and keep going. A lot of founders love to start but can’t finish. They can’t grind it out and eat the glass.
The more you learn about a niche and the longer stay in it the more of a moat around your business you build because someone else has to through the same learnings you went through.
So produce the content, do the prospecting, make the sales calls, do the follow up, get PR , build relationships with partners, and focus on getting 1% better every day.
There is no such thing as an overnight success. Only it looks like that to people on the outside who weren’t paying attention.
So, keep your head down and aim to dominate your niche. Become obsessed with it, know everything there is to know about it, find new use cases in it. Partner with others and build the best solution possible for companies in your niche.
the world's leading expert in it. Engage with industry experts and customers, and always be customer-centric. In today's world, failing to prioritize customer needs is a recipe for disaster.
Get through the painful learning curve and get to the tipping point and that's when your business will take off.
It’s like what Warren Buffett says about wealth – you need time for the snowball to build and grow. Ignore the 'grass is greener' syndrome. If you genuinely believe in the potential of your niche – its market size, demand, and profitability – stay focused. Your dedication and belief will pave the way to success."
If you want help on how to learn a niche quickly. I talk about it in detail in my new book The Art of The Enterprise Sale. You can get it free just click the link below or the link in my bio.
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