I have a former colleague who I’ve worked closely with for nearly 5 years. We both enjoy working with each other and have produced good work during this time. We come from different backgrounds that we feel blend well together, and we’ve been thinking about starting a business together. We have a few ideas right now but we want to hear feedback on ideas/industries that we should definitely stay away from. For instance, we want to avoid congested industries (dating and food delivery apps, for instance), ideas with heavy competition from major tech players (photo apps, online ecommerce, etc.) and becoming the “Uber” or “Tinder” of something.
Good day Olga,
I would say try not to get into a market that you do not know about, are not familiar with or doesn't deeply move you. It doesn't matter what industry you get into just as long as you are in it to win it. There will be challenges everywhere you go, you just have to know how to adjust to take on those challenges and refuse to lose. There is a big difference from someone who wants to win and the person who refuses to lose!!!!
Just my thoughts
Not sure about the what industries to avoid - but if you want a bunch of ideas for a business, I have a lot. Just contact me.
Hi Olga, I would suggest you not to streamline yourself on only eyeing the opportunities or industries which is already there established and try to choose / choose-away from what is there. But try to make something out of all that exists.
It could be something that moves you or may even eases your effort out as a user.
Think that way then you will feel that there is not actually a competition or congestion but opportunities everywhere.
I have got a wonderful idea if you feel that you can listen to it and if it has legs then we can try doing something of it.
You should purse the idea or industry that most excites you regardless of congestion or competition. If you do not have the excitement or energy for an idea even if it fills a need in an "uncongested" area, people will see that.
Instead of focusing what ideas to stay away from, focus on ideas that would be the most interesting to you. I don't believe in competition. There could be 10 million dating apps and there would still be room for one more. This is because the difference is made not through the uniqueness of your idea but by how you execute it. No product is perfect and most of the time, one can take advantage of the flaws.
In my opinion you can enter into any of these industries as long as when its a more competitive one, your product meets some niche market that isn't being tapped yet. I cant tell you what that is, that's where your idea comes in from.
I'm not sure if you or your partner are engineers yourselves but also keep in mind with certain markets you're competing with with social media aspects or some type of content delivery. Things like that start adding up. Especially if you're not an engineer yourself. Now obviously the biggest apps include these aspects. But just be smart on how you approach it. Music Streaming for example, starts to really become a difficult thing when you have to maintain and pay for a massive library of songs etc.
So personally I wouldn't suggest to AVOID any particular market as long as your product fits into a niche, and you've got a pretty good idea of what areas are congested.