Prefer a more positive outlook? Check out the businesses I love.
I don’t like businesses that have a lot of passionate people involved. Businesses that are fun and are a lot of people’s hobbies. Passionate people think with their hearts instead of analyzing the markets. Passionate people make poor decisions. Passionate people start companies because of their own selfish desires and not because of holes in the market.
I don’t like competing with massive companies. I don’t like competing with Amazon or the millions of vendors who sell there. I don’t like competing with brilliant people with ivy league degrees. I don’t like competing with venture capital backed companies. I don’t like competing with big data. I don’t like competing in a space where anyone with a computer and an internet connection from anywhere in the world can enter the market.
I don’t like businesses that require you to train a customer base. New revolutionary ideas are rarely successful.
I don’t like competing with inventors and manufacturing and Chinese production. I don’t like risking massive amounts of capital without a sure bet there will be a market waiting for me.
I don’t like selling something that is getting cheaper and cheaper every day (software). I don’t like competing with people in Pakistan who code and develop for $5 per hour.
I’m not saying you can’t be successful in these areas. You can win and if you win you can win big. I just know the odds are against you.
Tech / Online
- Online influencing (Instagram, Facebook, Youtube etc)
- Amazon selling
- Apparel selling
- Online sales in general
- Health / Diet / Fitness blogging
- Software development
- Social media app creation
- Scalable digital services
- Lead generation
- Web development
- App development
- Logo design
- Health coaching
- Diet coaching
- Personal training
- Crossfit studios
- Yoga studios
- Restaurants (except specialty fast food and high end dining)
- Coffee Shops
- House flipping
- Home/apartment rentals (still good opportunities but be careful because it is highly competitive and in the largest cities a lot of foreign investment is driving up real estate to levels that are not feasible).
- Concert promotion
- Music production
- Any brick and all brick and mortar but especially:
- Bike shops
- Shoe stores
- Any boutiques
Forget the blue ocean strategy. Find a way to provide a common service uncommonly well and you will win. The customers are there. The competition is weak. The risk is minimal.
Disagree with me? I’d be happy to hear your thoughts and have a discussion. I’m always ready and willing to change my mind.
Disclaimer: I believe tech is still massively important and someone with a technical or software development background has a huge advantage over most startups in the service fields.