I’m exploring the idea of starting a startup - I have no business ideas now, just a handful of niches I'd like to learn more about, and not much spare time. If I want to optimize my chances of startup success (users, $$, etc.), which factors should I consider most important when choosing which niche would be best to explore? So far, I'm hearing: - Verticals I'm passionate about - Verticals that are rapidly growing - Verticals that require Subject Matter Expertise I possess. - Verticals that are not attractive/sexy (ex. dating apps) and therefore are overlooked Are there any other factors to consider?
I would say, what you are hearing is correct - I would take all 4 of those as MAIN factors. Maybe add another two
- Verticals that you are an expert in.
- Verticals where you will have enough $$ to break into / develop / support for some time, until you start making profits.
Most startups operate at a loss for a long time, until they build critical mass of users. If you run out of money before you are profitable - what's the point?
For example, space flights are "hot" right now (space-x, blue origin, etc), but you would probably have no expertise in it, and not enough money to get into space craft biz.
Answered 6 years ago
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