Many entrepreneurs jump into a business built around a product or service that they think will be successful but is that really the way to go about it?
We think not, and rather than focusing on a product or service, why not go the extra mile to focus more on a very small category. As an example, rather than creating a brand new clothing brand and competing with Nike, Adidas and New Balance, you could focus specifically on high-performance ladies gym wear. By taking the extra step to focus on a niche area, you can improve your chances of success, whilst you’ll also stand out a bit more and serve more of a purpose. At the end of the day, jumping in at the deep end and competing with the top dogs in the industry, whatever that may be, is not going to be great for business, and you could fail before your venture has even begun.