Summary
- I look for existing markets with competitors where no single company has taken full control. This means there is room for me to enter and compete.
- By creating a product similar to what is already successful, like when Instagram launched Reels similar to TikTok, I don't need to seek as much validation since the demand is proven.
- I aim for large, fragmented markets. This offers many pieces of the pie to go after and capture.
- Putting my own spin on an existing concept helps me stand out while still partaking in an already thriving market area.
- My goal is to grab a slice of the market by targeting areas where competition exists but dominance has not been established.
Video
How To Take Action
I would suggest starting by looking for existing markets where no single company has totally dominated. These are the golden spots where you can step in and compete without having to reinvent the wheel. Look around for products or services similar to what you envision, like how Instagram added Reels when TikTok was popular. When you create something similar, the market demand is already proven, so you don’t need as much time or money for validation.
Another good way of gaining ground is by putting your own spin on an existing concept. This helps you stand out while still being part of a market that's already thriving. Imagine adding a cool, unique feature to a well-known toy; it’s still a toy, but now it’s special!
I recommend targeting large, fragmented markets. Lots of people need stuff, and by going where there are many small players—where nobody is clearly the winner—you can grab a piece of the action. Think about selling lemonade at a hot beach where several stands are already there, but no one owns the entire beach market. This way, you aim to offer great lemonade with a little twist!
Start simple, focus on what's already there, and make it your own. Remember, even small slices of a big pie can be really sweet!
Full Transcript
my business practice is typically go after existing markets so I look for existing markets with competitors where no one company has dominated the industry and I enter and I create a similar type of product and other words if you're copying the competitors example Facebook copying Snapchat when they first came out or Instagram copying Tik talk with reals when you already create something that is existing and you're just creating something Sim maybe you put your own spin to it you don't need as much validation you can just go after it and the market is big enough and go and try to dominate it as much as possible but my model is you go after large markets that are fragmented and you try to just get a slice of the market
