Getting a business off the ground of course has a lot to do with the idea and what pain you’re looking to solve for customers. But it is also about timing and luck.
Some people say that you can make your own luck. And perhaps that is true. To an extend.
What you certainly can do is look around you at what’s going on. And if you look at the world right now, there are at least 3 good reasons, as I see them, why this might be a great moment to time your luck so to say and venture into something new.
First of all, a lot of incumbents in different industries are busy elsewhere handling the fallout from the pandemic with disrupted supply chains, increasing prices on goods, lack of talent etc. They’re way to busy with that to innovate in earnest themselves let alone keep a keen eye on what you’re doing.
Second, there are a lot of change afoot after the pandemic. New trends have emerged, new patterns of behaviour – some of which we still need to see the resilience of after the pandemic eases, mind you – have got on the radar etc. And with that new pains, needs and demand for new, innovative solutions that you might be able to provide.
And third, there is the work-from-home thing. While some people yearn to get back to normal office life, there are also millions of people out there who feel the opposite. They are ready for a change. Maybe even for a move into entrepreneurship. So when I said above that incumbents might have a hard time finding the right talent, it could be an entirely different matter for you.
A fascinating term. A term that suggests a market that has pretty much killed every entity in it (due to various reasons) but could still serve as a fertile ground for new entries and perhaps entire ecosystems.
Why is it so fascinating? Because it essentially provides a ‘firehose’ option. An option where if you can come up with the right thing, the right solution, customers will already be flocking looking to try and perhaps even buy. You don’t have to build and convince people there is a market, which is a huge advantage.
And yet, we often overlook these opportunities. We tend to find these industries and verticals slightly ‘tired’ and even ‘boring’, because it seems like every bit of oxygen has been sucked out of it.
And it may have been – if we look at the incumbents already trying to play in the industry.
But isn’t that exactly what we are looking for; a tired, boring incumbent underserving or even sunsetting a market, we could have the opportunity to serve way better?
My point here?
Don’t only look for highly profitable markets looking for opportunities to disrupt them. Look also for the ones that seems like they are dead, without air or any kind of energy.
Ask yourself this: Is it so because there really isn’t anything there at all? Or is it just because the ones already there are not really there?
Often you will find it’s the latter. Which should be your signal to consider an entry. Because chances are nobody else is having the same idea. Or just feels it is too hard (which, full discretion, it may indeed turn out to be).
And because you might be able to turn a Dead Sea into a Blue Ocean.