Here’s how to break into an industry you know little about
Building a business from the ground up is quite a challenge on its own, so attempting to enter an industry you know very little about, can prove to complicate things even more. Whilst it may be more difficult, it definitely isn’t impossible and it’s comforting knowing that many entrepreneurs before you have managed to enter new markets and “foreign” industries successfully.
With risk comes reward and sometimes in business, it’s really about following your gut and more importantly, following your dream. The thought of entering unknown territory can of course be daunting so we’ve put together a few tips on how you can break into an industry you know little about.
Give 100% during the preparation phase
Entering an industry you’re unfamiliar with is bound to be a steep learning curve, but it’s how you prepare beforehand that can make or break you in the end. Knowledge is power at the best of times, but even more so when you’re wanting to break into an industry that your expertise and background doesn’t exactly support. An extensive amount of research needs to be conducted for a significant amount of time in order to gather as much information as possible. A chunk of time should also be dedicated to networking and talking to people who have insight into your specific industry – they can share their expertise and wisdom with you, something which can prove to be invaluable. The preparation phase is about maintaining a strong focus, asking questions and ultimately building up the knowledge needed to burst onto the scene with a bang.
Have a defined end-goal and be persistent in getting it
This is something that comes up again and again when it comes to starting and running your own business: developing and refining a clear vision is key to success. In this case, it’s easy to doubt yourself and your concept, especially since the industry isn’t one you know much about. Yet having a defined end goal can help you maintain focus and propel you forward. It’s crucial that you know where you’re going and what you’d like to achieve because if that’s unclear, the chances are high that you’ll veer off course.
Study your competition but don’t fear them
Sure, this is one that is easier said than done. Competition is a normal part of the world of business but it’s how you react to it that matters. In fact, being the inexperienced one can end up being advantageous. This is because as a small, fledgling business, you’re likely to keep your ear closer to the ground and more importantly, remain nimble. Evaluating an industry from the outside can yield fresh insights that more established, larger businesses may not be able to see because they’re too deep in it. As a newcomer, you’re likely to be more adaptable and if changes need to be made, you’re going to be able to make them faster. The bottom line: use the competition. Study them, learn from them and constantly ask what you can do better than them – let this be your motivation, rather than fear.
Find that perfect partner in crime
Picking the right people to go into business with is an important part of the journey that is starting your own business. More specifically, finding a suitable partner is crucial. This adventure is going to be filled with plenty of highs and lows, and having a supportive and reliable person by your side will make navigating it that much easier. More importantly, the person has to share your vison and passion, and be up for the challenge of breaking into an industry that is unfamiliar to the both of you. Every entrepreneur comes with their own set of skills and expertise, each bringing different things to the table, but the key is to team up with a person who fulfils the roles you are unable to.
If you believe you have a great idea but your background doesn’t match your concept, there is still hope that you can certainly enter that new industry and make waves. It’s about being persistent, preparing beforehand and ensuring you’re on your journey with the right people. Hopefully these tips will give you the courage you need to take the bull by the horns and make your grand entrance.
“There are no secrets to success. It is the result of preparation, hard work, and learning from failure.” – Colin Powell
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