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  • The false belief that you need a unique business idea

    Research business ideas or ask around for ideas about starting a new business, and one of the first responses you get is to "just find a unique idea" or "a gap in the market".

    If only people with unique ideas started businesses, there would be only one business of each type in the world.

    odd pea outFinding a unique business idea or a gap in the market has less to do with what is available and much more about how you think. A person who has a world view that someone else must provide him with a job or a career, is much less inclined to find opportunity than someone who lost his job and must create his own opportunities. What is unique is not the business idea. What is unique is how you approach it. Even if you enter a crowded market, there is a place for you.

    Entrepreneurs often look for a field where there are no businesses because they believe that an empty space means there is little or no competition. That is rarely true. What is often true, is that the space is empty because there is not enough opportunity for an acceptable income.

    Where do you find a market where there is money to be made?

    You go into a crowded space.

    A market where there are already many businesses operating profitably, indicates an area where people spend money.

    Spaces where there are no businesses operating profitably, usually indicate a lack of enough money to sustain a business.

    Don't look for absence of competition, look for presence of a market.

    If your business can only make profit where there is no competition, you won't have a business for long. If your business can survive where there is strong competition, you have value.

    Stop looking for a unique idea or a gap in the market and start looking for ways in which you can enter an existing market. Take an existing business idea and implement it. There are enough people in the country for another business in virtually any field.

    Don't look for a unique business idea. Look for a unique approach to an existing idea.

    * What to do: If you have an existing business, find one thing that you do different from the crowd. If there is none, that is where you can make your business better. If you consider starting a new business, find one thing that you will do better (not different) than the crowd.

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