Are you the next great tech entrepreneur?
The road to riches is paved with the failures of those that came before you. Most aspiring tech ventures fizzle out before they can get off the ground. There’s more than one reason for this but one of the hardest things to do when you’re starting out is carving out your niche.
Do something that’s never been done. Find your corner of the market. Is anything original anymore?
This is more than a daunting thought. Coming up with an original idea and pushing it forward with a good plan of action is one of the hardest things to do. It requires dedication, creativity, and a good team of people around you.
The book on how to succeed in business has been rewritten many times. There’s no definitive “right” way to thrive in tech, but today, we’ll look at a basic guide for finding your niche as a tech entrepreneur.
Be Realistic About Your Passion vs. Your Skills
Sometimes the difference between what we want to do and what we can do is vast. It’s important to follow your passion when finding your niche, but you should also be realistic about the market for your product.
This is especially true with tech projects. You need to be able to see yourself still being in love with your product for years to come, but also you have to be able to envision sustained success. Not every startup gets off the ground quickly.
Furthermore, do some self-evaluation. Realistically examine your skills and figure out if you have what it takes to build this product from the ground up.
Find the Market for Your Niche
When you’ve decided what you think you can build your fortune on, take a step back and look at what its market will be. For example, say you want to create an online marketplace for the sale of car parts.
If this is what you’re passionate about, then follow through on some research and figure out where your market is. Who are the types of people that you want to be using your product? How much money will they be willing to spend on it?
You need to get an idea of the sustainability of your niche.
You’re Not the Only Tech Entrepreneur
There are thousands of new tech companies popping up all the time, and old tech companies are constantly adjusting to encompass more of the marketplace. In finding your niche, you should zero in on the most specific target market that you possibly can.
If you’re creating a podcast hosting app, consider that things like Stitcher and Podcast Addict already exist. You’re starting behind the 8-ball, so you need to focus in even more on what that app will do.
Perhaps when you sign up, the app asks you what your interests are and sifts through a database of podcasts to show the user ones they’d be interested in. Doing something like this gives your app a subtle edge over the competition.
Test Runs & Launching
Now that you’ve figured out what your niche is, you can begin to test the market.
Do a dry launch and see what the reactions are. Adjust your product from there. A good tech entrepreneur will reinvent their niche to appeal to larger and larger audiences.
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