There are many opinions about the most important parts of entrepreneurship, precisely, the purpose of the business as a main component for business success. What is important for a startup? The product, the customer, the marketing strategy? All of the above are important, but the thing that really makes difference is the niche that you choose, how you enter this niche and what impact you make once you do so. If a startup doesn’t fill specific gap in the targeted niche, it could be very difficult for any entrepreneur to keep the business growing. Because entrepreneurship is not about surviving the first year, it is about aiming for growth and maintaining constant innovation.
Even the most successfully developed product cannot be sold to everyone and the reason is that not everyone needs it. That’s why one of the first advices entrepreneurs get is related with the importance of defining their target market and customer. Finding the right niche is essential for the success of your startup because it determines the potential sales of your product, shapes the framework of your customer related strategies and defines the possibility to dominate the niche in the future.
Defining a niche doesn’t mean that you will not be ready to sell to people out of your target market. It helps you to concentrate your effort, time and money on the right group of people and still to be ready to welcome everyone who is interested.
Once you know the niche that you are aiming to enter, it is the time to make sure that there is a place for you there. It is not only about the spotting of the gap in the market niche, but also the talent of finding the right approach to actually fill this gap. Fill the missing gap in a specific niche and you will be accepted not just from the customers but from the competition as well. There is always a place on the market for a business and a product that supplies what is on demand when nobody else has done that yet.
The history remembers not these brands that have entered a market but the ones that managed to stay. In order to keep your positions in the market and to achieve great things, you must make a difference and this difference often comes through innovation. Be ready to innovate and to create the product, the service and the brand that will be not just memorable, but that will solve problem and make a difference by improving the lives of the customers.