Deep breath … because this is certainly key to your entrepreneurial success story. So how does one go about identifying that fit? That niche market that favours your entrepreneurial spirit?
Craig Falck at Africa Report www.africareport.com puts it well saying, “Someone experiences that ‘light bulb above the head’ moment, where they identify a portion of the market that’s demanding something specific, something special that no one else is offering. It’s a prime spot to be in for the niche supplier.” He continues, “conduct research, take note of overseas trends, watch your local competition to see what they’re doing, and then do even better.”
Which market has been overlooked or under-served? What can one offer that the completion hasn’t? Primarily, to survive as an entrepreneur one has to offer the first of a kind, different from the rest or best in class. With the ever changing landscape of emerging entrepreneurs one has to in effect minimise your maximised view; to select your niche in a very methodical and applied fashion.
So what is the reality in our local market in terms of entrepreneurial success rate? Who has managed to find the fit and zoom in on their niche market? It seems that South Africa have a way to go in terms of producing a sufficiently entrepreneurial economy.
We certainly have incredible pioneers like web entrepreneur Mark Shuttleworth; Dr Taddy Bletcher the founder of CIDA City Campus or Dr Patrice Motsepe CEO of ARMgold. Leaving us all a little bit breathless and in awe. They spotted their niche and they serviced a need at the very high end of the scale. The statistics however suggest in terms of the mass market that we are slower off the mark as a nation in terms of entrepreneurial credibility.
It’s about being bold and having your finger on the dial to lock and load if and when you see the gap.