#24 Too Much Competition / Overcrowded Market
Problem: Starting a business in a place with too much competition isn’t a good idea, especially if your brand is new.
Solution: Experts recommend avoiding high competition as much as possible. If there is a lot of competition, this probably means the market is huge. For instance, if you go to industries like blockchain, fintech, IoT, biotech, VR, drones, AR, AI or machine learning, you will have a lot of competition. Of course, you can go to these industries but in these industries, choose a niche that is not overloaded.
You need to find a niche and have a clear value proposition to differentiate yourself from the competition. Don’t be one of many but be one of a kind.