Thoughts on going after hot markets
Aditya March 13th
Hot market
(Image via – Flickr)
I was discussing with one of my friends about our temptation about starting a startup in hot markets. Here are my brief thoughts on it -
In my opinion, at any given time, there are always more than 1 hot markets. “Real-time web” is one, so is “social-gaming”, and so is “iPhone apps”, and so there are many. The key is – you pick one market, and keep pushing your idea in that market. It’s easy to get distracted by other hot markets all the time. It’s very tempting to switch to other hot market just because few others became successful in that market. But when we notice such successes, and realize that it’s a hot market, there are many others who also notice it and realize that it’s a hot market. Also, after we switch to that market and before we really start making our impression into that market, it might be over competitive and too late, unless we’ve that kind of expertise and speed of execution.
I think the key to win based on hot market approach is – we need to be pioneers or early adopters of that market. We can’t be too late in the game. I think 2-3 years is late. But just being pioneers or early adopters of any hot market does not guarantee any success. It’s our relentless belief and persistence to stick into that market until people start believing that market might make us successful. We can’t just hop-around to hot markets before we really execute for long and well in one market.
On the other hand, I’m not saying we should completely ignore the trends of hot markets. The best strategy might be to see how can we leverage those trends for our existing idea and market. We need to see what we can learn from other hot markets, and how can we bring similar experience to current ideas. There would be more innovative opportunities on the intersection of two or more hot markets.
What do you think? Do you believe it’s a right strategy to go after such emerging hot markets to grab the opportunities?
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surprise
3 May 10 at 8:05 pm
Hi I hope i am not too late to put up an comment on this.
If u r a normal human, hot markets would definitely attract u and u will be lured to follow them.
This will however result in short term gains and small profits.
Your identity and brands may or may not have unique characters and u will be always recognized as trend follower.
On the contrary to this, great entrepreneur are trend setters. They will have their own idea, have best of the market knowledge, know when to implement, and know what to do when it fails. Moreover they will have immense faith in their own idea and know their destiny.
I think its not just about being an pioneer or a follower, its all about how far u want to go in life…….as an enterpriser.
Mitali_patil
27 Jun 10 at 9:06 pm