RSS at Feed BurnerFinding a Niche to Scratch
Seth talks about how finding your niche is much better than attacking an entire market.
Related to this, a lot of entrepreneurs try to present to investors and say “We only need 1% of the market”. Guy says this is pretty ridiculous. First, why would anyone want to get a 1% market share? Second, how do you know 1% will be the magic number? How do you know it won’t be .1% or 5%? Entrepreneurs should do a bottom’s up forecast. Define the niche in the market you are going to target and make a forecast based upon this. Don’t say you need to capture 1% of the worldwide hat industry. Instead, say you want to capture 20% of the Church Hat market (that was a quick plug for Evetta).
Side note, isn’t it cool to be known just by your first name (like Seth and Guy).