Every year, hundreds of people launch new businesses, with most of these steering toward existing categories. The speculation here is the bigger the market, the greater the opportunity. The principle problem with this thought, however, is that more than likely there is already a King in the marketplace, and it’s nearly impossible to dethrone Kings.
Imagine taking some of your same brainpower and instead of creating something mainstream, diving into a business opportunity that doesn’t fit into any existing category! While creating your own class or market is a risk, it can pay off in a big way—think, sustainable cheese producers, self-driving cars and the rise of the craft brew. Yes, some ideas can change everything.
Inspiring a New Direction
You might think your first step is a step straight out of Marketing 101, “Define your Brand” or “Establish Your Core Purpose.” But instead of finding textbook tactics to direct your entrepreneurial desire, try finding your personal purpose. Defining your personal purpose can inspire a new direction for your business.
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There are several techniques for defining your self-purpose. One of the best articles written on Core Purpose is by Collins and Porras, Building Your Company’s Vision. The authors demonstrate that a well-developed concept consists of two parts: core ideology and an envisioned future. Core ideology consists of two parts: core values and core purpose. The envisioned future also has two parts: The Big Hairy Audacious Goal (BHAG) and a vivid description of what it looks like when you accomplish your BHAG.
The crux of this plan is to encourage yourself to be passionate about the things that matter to you, and to give yourself permission to care.
Be passionate. Be bold. Be authentic. And in spite of any initial setbacks your business may encounter, a vigorous competitor’s rivalry is unlikely if you’re hitting a unique and niche-market. If you’re relevant, authentic and tap into real slice-of-life moments that connect with people, you can impel an ordinary story into an extraordinary encounter – and crown yourself King in your own marketplace.
The heart of building a business is diving in, taking risks, building your kingdom and creating your future. Building your business among giants will be hard work. Building your business where you are the only giant, well it’s also hard work, but it’s also game on. Step away from the usual vision statement. Instead, take an imaginative stretch and become the leader of a hot new gadget or innovator of the spandex suit. Set your purpose. Envision your future. And dare to create your own market.
Connect with other master entrepreneurs that are ramping up their game and take the lead in a new kingdom. Join GetAssist today.