Most successful entrepreneurs don’t simply “enter a market.” They build off of their experience, their knowledge, their education, and their skills. Successful entrepreneurs find some need in the market that is not being met that they have the knowledge, skills, and experience to satisfy for their customers. Maybe it is an area they gained expertise in from their education, maybe they’ve worked in the industry, or sometimes it can even come from a hobby or special interest. But even with a strong base of knowledge, more learning and more research is almost always needed.Also, it takes people beyond the entrepreneur him/herself to successfully start and build a business. For example, my last entrepreneurial phase in life was in the health care industry. We had identified a niche in the market what was fairly new, was not being exploited by any other companies, and showed potential for significant growth. My partners had extensive experience in the health care, which I lacked. But, they needed me as a third partner to bring knowledge and skills on how to build and grow a business. Between the three of us, we had what it took to build a successful health care business. Any one of us trying to pursue this opportunity alone most likely would have failed.
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Success does not simply come from a “good idea.” It comes from some basic knowledge about the product or service, good information about the market, and having the right business skills represented in the members of your team.
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