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How do you find an industry worth starting out in and what do you do about competitors?

Discussion in 'General Entrepreneur Discussion' started by Guidance, Feb 16, 2019.

  1. Guidance

    Guidance New Contributor

    Likes Received:
    Dec 2, 2018
    Rep Bank:
    I am going to put out what's in my mind and ask for your feedback. I also have two questions.

    First, my thoughts:
    I created a thread a few weeks ago which had some valuable information, but I still don't think I have all of my questions answered:
    I am a software developer, so I can technically build anything. My issue is finding the right industry and dealing with the existing choices in that industry. There's not much in my industry that I can build (most things are done fairly well and there's very low barrier to entry). Outside of software, I like sports and music, but don't have any specific domain experience in these areas.

    That being said, I have been thinking of building an LMS (Learning management system). However, there appears to be a very low barrier to entry and a plethora of existing choices. I am also not sure how do I approach other businesses to buy my software. I understand that I should be creating an MVP to validate my idea, but why would any business choose my basic product over an established one? There are a basic set of features that every LMS has, so I can't get anyone to use my product if it doesn't have those basics. This results in me needing to build the entire LMS software and all of its features before I can try to sell it. Does any one have any suggestions regarding this?

    1. Commandment of Entry says that you should be in an industry that has a high barrier to entry. This would prevent your business being copied. But I don't have any domain experience in most high-barrier industries (telecommunications, healthcare, bank, oil etc.) and don't know anyone in these industries either. So how do I get into them?

    2. Someone suggested I build a forum software, but there are countless competitors in this space (Flarum, Discourse, vBulletin etc.). Why would anyone choose me over these guys? There are only so many features you can have to stand out.

    Thank you for reading.
  2. Jello

    Jello Bronze Contributor Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass

    Likes Received:
    Jan 1, 2018
    Rep Bank:
    Don't build something everyone else is also building or what's already out there.

    Find a problem, a need.

    You want to build learning management software. Ask around, talk to people and find out what problems there are with existing LMS systems and pin point those problems.

    Then build a LMS where these problems are solved.

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