Business is about finding a niche and supplying a demand. Those who are able to quickly pinpoint the gap in the market and fulfill it reap the benefits of running their own business. That said, there is plenty of competition in the entrepreneurial world, and much of it is cutthroat.
Being good in one’s niche isn’t enough. Many business owners go as far as creating memorable brands, such as Phil Knight’s Nike.
That way, the business turns into an ideology, which is really what has the customer sold. The end goal is not simply to have customers, but to have loyal fans. Many owners have done so successfully.
One such example is Fred Cary, a powerhouse entrepreneur who has founded over ten companies and amassed billions in value.
Today, he is focused on helping up-and-coming entrepreneurs get on their paths for success by finding their niches and remaining confident and steadfast along the way.
Cary has hundreds of thousands of followers on Instagram, where he shares first hand advice on how to make it in business. “I was surprised to find out that there were few places for entrepreneurs to get advice and solid help,” he says.
“I wanted to create a platform where I’d share all that I’ve learned in my decades of experience with people who are just starting out. Did you know that there are 550,000 people in America who choose to be entrepreneurs each month?” remarks Cary.
To him, the key to success is differentiating oneself from the competition. Cary explains, “If you don’t have any competitors, you’ve chosen a bad niche. No idea really is original and chances are, you won’t be the first to break into an industry.”
“You have to build an organization around you that is in touch with your mission and moves it forward,” says Cary. “If you have an app and nine out of your ten downloads are by your relatives, then something’s not working.”
He explains that the two factors which help to differentiate an entrepreneur are knowledge and experience. In case somebody is new to the area, they can and should always go seek help from somebody who’s done it all and learned their lessons.
“During my decades of work, I’ve had a great success and a bunch of failures as well. I’ve learned my lesson, which is why now I’m training young people based on all this experience,” says Cary.
This entrepreneur believes that one should always face their failures without fear, as learning experiences. If there aren’t enough failures, that could be a sign that not enough work is being done.
In a similar Vein, success should be cherished and entrepreneurs should show gratitude. Cary believes that what business owners need to always be thinking about is whether they are staying true to their mission and values. That, of course, means not focusing on HOW the competition does things, just how you can do things differently while staying true to your purpose..
By choosing to pour all of their focus and passion into their own teams and companies, new owners are setting themselves up for success regardless of who else is out there working in their niche.
Follow Fred Cary on Instagram for more insights, updates and news.