Summary: Everyone wants to dominate a niche, because after all, if you’re the go to authority in a specific niche, you can literally write your own ticket. The sky really is the limit. The problem is, there are so many “me too” brands out there that it becomes frustrating for consumers and clients to make selections when they’re in a crunch. So they tend to go with convenience (ie who’s cheaper, closer, faster, easier). And sometimes an entrepreneur will talk themselves out of a niche for the opposite reason. They hear the chatter that nobody else is doing it, the time to educate consumers on a product or service presents challenges, or people may shy away from it because it’s untested or too new. But if we all sat back and let all of that gloom and doom talk get into our heads, we’d never innovate let alone launch anything. Business is a great deal of trial and error, and the only way to learn if something will be a it is to get out and test the market. Entrepreneurs put themselves out on a limb every day. Those that try and fail AND learn, live to fight another day and introduce another product. Look at Elon Musk of Tesla. People thought he was insane trying to build these electric cars. Well guess what, there’s now a market for it. He never gave up even as competition joined the field. My guest Marilyn Smolenski of Nickel and Lace and I talk about how to strategically bring your idea to market, set the standard for the category, and dominate your niche.
