Risk-taking is a huge part of running a business. Unfortunately, a lot of entrepreneurs tend to become too lenient once they’ve hit success in their endeavor or become an expert in their field already. Those who are new to the industry, on the other hand, tend to doubt themselves, hesitating if it’s premature to explore the unknown.
The way to sustain success and hit more milestones, however, is to never stop going out of your comfort zone. If you want to grow more as an entrepreneur, you should be able to embrace these risks:
The thing about the business world is that it never stays in one place. It’s not stagnant. There’s always something new that could be promising to pursue. It may be an added value service to your existing operations — let’s say, an online shopping platform for your retail business — or it could be a new business to venture on, like a fashion franchise.
Whether it’s the former or the latter, the point is you should be on the lookout for new trends. How do you do that? Well, start by reading up on industry publications. Dedicate at least an hour or two getting updated with what’s happening on your field. Pay attention to pending legislations, as these are primary influencers in the direction of your industry.
Another way you can get into the trend-monitoring habit is to surround yourself with people who are into it. Be involved in a community of entrepreneurs who are also seeking out new opportunities to try.
Competitor’s overlooked weakness
The gaps in your competitor’s services are worth filling in and betting your money on. The challenging thing here is, confirming if there really is a gap and how important that is for customers. You might get a little too excited about a new idea or endeavor that you make the mistake of being out of touch with the reality of your target market.
Research first if there is an opening that’s worth investing on. Initiate market studies. Conduct interviews with customers or engage in focus-group discussions. Get to the bottom of what frustrates the audience in the services available to them. From there, introduce services or products that would answer their need. The principle is, pick up your competitor’s weakness and use it to your advantage.
An industry can never be fully saturated with players because there will always be new pockets of niches that demand products and services. If you can’t compete with large businesses, target the small communities they can’t reach out to.
How do you do this? Start by looking at mainstream customers of businesses and identifying solid subgroups inside. For instance, in the fashion industry, the plus-sized and the modest, religious women are among the very strong subgroups that remain to be underserved. There’s a billion dollar market waiting for you if you accommodate these audiences.
Another way you can crack underserved markets is to ask family and friends. These are the very people involved in subgroups in industries, so get it straight from them.
Again, don’t be complacent with the good things happening in your business. Embrace more risks. This is surely one of the best ways you can establish yourself better as a good, credible entrepreneur.