Truth 8. A make-it or break-it issue: Selecting an idea that can be sold into a niche market
One rule of thumb that you should adhere to when searching for a business idea is to select an idea that you can sell into a niche market.
A niche market is a place within a larger market segment that represents a narrow group of customers with similar interests and needs. For a new business, selling into a niche market is crucial for at least two reasons. First, it allows a firm to establish itself within an industry without competing against major participants head on. Second, a niche strategy allows a firm to focus on serving a specialized market well instead of trying to be everything to everybody in a broad market, which is nearly impossible ...
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