Warren Buffett once said “I don't look to jump over 7-foot bars… I look around for 1-foot bars that I can step over.” When starting a new online venture, it may not be a bad idea to apply this same mentality.
Entrepreneurs dream big. We all want to build the next Amazon, Google, or Ebay. It’s great to have ambitions and goals like these. But at the same time, it’s important to take a realistic and grounded approach… at least when you’re starting out.
Failure First, Success After?
Success in business – and life for that matter – is in many ways like a slot machine. Is it possible to hit the jackpot on the first play? Absolutely! But the odds are you will have many losses and small successes before you hit it big. And whether we like to admit it or not, timing (or as some call it, luck) definitely does have a lot to do with it. What if you would have sat down at a different machine instead? What if you had a flat tire on the way there and were two hours late?
The bottom line is there are literally millions of variables in life which we have no control over, yet they effect us nonetheless. So if you’ve truly gave it your all and haven’t fulfilled your goals yet, don’t beat yourself up because its likely due to factors you have no control over.
Carving Out Your Niche
Let’s get back to that quote our friend Warren said. Basically, he’s saying instead of shooting for the moon and doing the impossible, try and tackle some smaller things first. So if your goal is to create the next Ebay, maybe you could first create an auction site about a specific niche… such as auctions for turnkey websites? Or if your goal is to be the online leader in selling skin care products, maybe you could first start a site that just sells retinol A cream instead? That doesn’t mean you have to sell retinol A skin cream forever; it just means to start out in a niche and conquer that first before you move on to bigger and better things.
Choosing A Niche
So that being said, which niche should you choose? First and foremost, the most important thing is to choose one you enjoy. Don’t just choose a subject because you think the ads or products for it will make you the most money. Pick a category that truly interests you. This benefits you in two major ways: (1) You will most likely already have more knowledge about the topic, and (2) If you truly enjoy the topic, it won’t really feel like work.
Alternately, maybe it’s not necessarily a subject matter you enjoy, but rather a problem you are passionate about simply because you suffer from it. For example, my best friend growing up had gastric bypass when she was 18. After her weight loss, she had to undergo a lot of plastic surgery (like a tummy tuck and an arm lift) to get rid of the excess skin. If she started a tummy tuck forum or a site about weight loss, it’s not necessarily a topic she enjoys, but it is something she can relate to from her personal experience. |
