Seek an Edge by Finding Your Niche

Clearly distinguishing yourself is the key to entrepreneurial success.

Hector Barreto is the former Administrator of the U.S. Small Business
Administration (SBA). In his new book, The Engine of America: The
Secrets to Small Business Success from Entrepreneurs Who Have Made It!
(compare prices), he reveals winning business strategies from CEOs of
50 successful small businesses (some of which are now large
corporations), who share their experiences to help those starting or
growing their own business. In this excerpt from Chapter 6, he
explores the importance of finding your niche when you start you
company, not as an afterthought.
Two of the most successful businessmen I know, Dimensions
International, Inc.'s Bob Wright and Fabrica International's Al Frink,
have both learned this lesson.
"One thing I learned a long time ago," says Wright, "is that to be
successful you have to find a need and fill it.
There are a lot of needs that are out there, and you have to find them
and then fill them. You must create a niche for yourself and then just
work your tail off to make it happen."

Frink puts it this way, "If you're starting a new business, whether
it's producing a product or providing a service, you have to have
something that you're doing that distinguishes you from what's already
available. It's important to look for voids that are not currently
being serviced in the marketplace. When you come into the marketplace,
what is it that's going to define what you're going to do? Your
long-term success is going to be defined by your ability to be
different, unique, and better.
"The key is your ability to differentiate yourself in providing a
service or making a product that will be your edge. If you can't enter
a market with that, then you better wait until you can. How are you
going to be able to succeed in the new venture if you can't define
what you are going to do in terms of success?

"When I first started in the carpet industry, there were close to
10,000 carpet manufacturers in the United States alone. Today, there
are less than 50. The company I founded is still one of them because
it was positioned not to be a low-cost producer, but to differentiate
itself."

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Tosan S
http://thepurchaser.blogspot.com