The More Challenging Something Is, The Less Competition You HaveThe title says it all really - if your business model requires a considerable amount of hard work, skill, research and perseverence to be a success, then you can be sure that a lot of your competition will "thin out" as you get closer and closer to your goals.
Conversely, if something is easy to do, you can bet everyone's doing it. And when everyone's following the same business model, perversely you discover that actually you've chosen a business model that is next-to-impossible to succeed in. The problem with such businesses is that they're so tempting to walk into - because they're just so easy to walk into. An example is to signup to the first dropshipping supplier you find. They virtually do everything for you - even give you your own website. No payments necessary. You're virtually given a business to you without any effort. And then - you realise that literally there are 5000 other people selling the very same products as you, and your site's content is simply a mirror of 5000 other sites. Easy to setup, near-impossible to succeed in.
Do not pass up on business ideas just because they're difficult to plan, setup and execute. Difficulties help thin the herd and also help put a moat around your business when you finally start making money. Examples of difficult business models:-
- Ideas that require a LOT of research before you can even begin to initiate them - such as niche product research
- Ideas that will require a steep learning curve
- Ideas that go against convention
- Ideas that will require intensive marketing
- Ideas that require ingenuity and innovation to be fulfilled
- Ideas that require a lot of up-front effort
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