Thursday, February 11, 2010

Untapped Niches

It all comes down to the market. Everything I read by successful entrepreneurs goes along the lines of "find a niche and and provide them something they don't have."

And that, might be something that can't be taught. You can teach what to do with something. You can teach how to develop something. You can teach how to find a niche. But show me what a niche is missing. If you can do that in a quantifiable systematic process you will make money. Lots of money.

In the past, three to 15 years ago, it was websites. A new way to connect people from different geographic or social locations that might never interact could now share information. 100 years ago it was the car. A way for people to get from A to B without horses or rivers or railroad tracks. In the world of mountaineering gear it was first the ice axe, then pitons, then crampons, then harnesses, then chocks, and finally cams and ice screws. In the world of music it was records, then tapes, then cds, then iTunes and the iPod. In the world of farming it was the steel plow, the tractor, and then evolving land conservation techniques.

The problem is knowing what comes next. There are millions of patents that have been granted. However, very few actually include a breakthrough improvement that makes people open their wallets.

So I do not have any advice on profit, otherwise I would be profiting off of a niche. Right now I am just trying to define the problem and ask the right question. Only then can I have the right answer.

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