Teaching a seminar last Saturday in Cupertino I drew something on the board to emphasize a point regarding targeting specialty stores instead of the main market. It occurred to me that a beginners mistake is to target the entire market for a given item, says shoes, when in reality the ONLY market is that tiny subset of buyers of specialty shoes. A beginners mistake is to study the entire market which is a complete waste of time, instead of testing one's hypothesis in the only market one can hope to enter, and that is the specialty market. The graph looked like this.
Of course it is not to scale, but the only market for the start-up is the tiny circle...ignore that big circle, it's not for you. Concentrate on that tiny circle, the market for specialty goods and services.
Feel free to forward this by email to three of your friends.
Of course it is not to scale, but the only market for the start-up is the tiny circle...ignore that big circle, it's not for you. Concentrate on that tiny circle, the market for specialty goods and services.
Feel free to forward this by email to three of your friends.
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