Chapter 1: The Reality of Online Business

I currently manage four thriving online ventures, yet I find myself increasingly frustrated with the abundance of clichéd advice and ineffective courses available. Here’s the only guidance you truly need.

This message primarily targets younger individuals and those embarking on their entrepreneurial journey, especially in the tech field.

Across platforms like TikTok and Reddit, there's a flood of advice claiming to lead to success: wake up earlier, read more books, and adopt an “entrepreneurial mindset.” The insistence on hard work and hustle is pervasive. However, I must assert that this is largely misleading.

While it's beneficial to organize your life, I speak from experience—having established several businesses and recently working at a venture capital firm—that these trendy pieces of “wisdom” are nothing more than empty phrases.

The most valuable piece of practical advice I can offer, grounded in my experience of founding four successful businesses and collaborating with other successful firms, is this:

1. Choose a Specific Industry or Niche and Master It.

   This advice might sound generic, but it’s a crucial step often overlooked. Clearly identify the industry or niche you wish to enter and strive to become an expert in it. Immerse yourself in learning.

Investigate products from your potential competitors. Understand the challenges consumers face in this sector. Conduct thorough market research. Identify the best keyword combinations to pursue. Familiarize yourself with the technical aspects.

The most successful businesses I’ve encountered share a common thread: they were founded by individuals who previously worked within that specific industry, gaining invaluable knowledge and insight into the pain points before starting their own ventures.

2. Find a Crossroad Between Two Industries or Niches.

   What if you struggle to choose an industry or if your chosen field is overly competitive? Here’s a solution: make a list of your skills or interests, no matter how unrelated they might seem. Then identify a viable intersection between two of those interests or skills.

For instance, consider that you possess solid web design skills and have an interest in automobiles. The web design landscape is incredibly competitive, so how do these two areas connect? Instead of diving straight into web design, focus on offering services specifically for automotive dealerships and repair shops. Create demo websites for mechanics and then reach out to those with subpar online presences, offering your services directly. Capture that niche.

Time and again, I’ve observed this pattern: an individual works within a corporation in a specific field, accumulates industry knowledge, then departs to launch a small business that addresses a gap their former employer neglected.

I initially shared these insights on Reddit, and they gained significant traction, prompting me to present them here.

Final Thoughts: Concentrating on your product is critical. When a customer purchases from you, they must believe that the value of what they receive surpasses the price they pay. It’s not a balanced exchange; it inherently favors the buyer.

If you develop a product or service that outshines the competition, you will prevail. Focusing on a niche allows you to outmaneuver competitors more effectively, and in some fortunate instances, you might even become the sole option available.

Chapter 2: Key Strategies for Success