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- ✴️ How I'm Making... #15
Riches are in the niches
New this week: We got our first client exploration call!
A fisherman casts a rod. The fish bites, and with some minor effort, he pulls in his catch.
A commercial fishing ship casts out a net, hundreds of metres long. Pulling in the net is a team effort, aided by heavy machinery. Sometimes things go wrong. People get injured. People sometimes die.
As founders, we often cast out a net so big that it would take a commercial fishing crew to pull it in. Instead, let’s start with a fishing rod - then see if we can get enough to buy another rod… and another.
✏️ Summary
Use the right bait for your catch
Don’t fish for whales in the pond
Follow the positive pressure to success
📈 Riches in the Niches
Do you remember the Downey Jr. Sherlock Holmes movies?
They never got the acclaim that the TV show Sherlock received. But I really enjoyed the series.
There’s a particular scene where Sherlock is trying to find out who in a crowded room is an assassin.
The assassin is the only person in the room distracted by a mission. Sherlock smashes a tray of drinks out of a waiter’s hand. Everyone looks, except for the killer.
Use the right bait for your catch
A loud noise is a generic hook - it captures everyone’s attention. It’s the real world equivalent of a social network app that markets to everyone.
If someone shouts “Ben!” I’m more likely to turn around.
When we focus our marketing efforts, we are more likely to capture the attention of the right people.
Don’t fish for whales in the pond
I don’t believe there is such a thing as a “wrong” niche. As long as you are willing to learn, and take steps to do so, you will be able to make things work in any niche.
Having said that, there is definitely a hierarchy of better and worse. Here are some factors I considered.
Domain Interest
I looked at the web3 space. I knew nothing about it - so I started learning. After research, I found it difficult to see the value of the technology. This would have made it difficult to commit myself to the often painful action needed to build a company.
Casting a Wide Net
YC founder Paul Graham describes startups as a “deep, narrow well”. This is not because it’s impossible to build a large company that does many things. Yamaha make jetskis and pianos, and do a pretty good job at both.
It’s because in the beginning, it’s too difficult to dig a wide, deep, ocean. It would take too long, and needs too many resources. Yamaha has been around for 137 years. If you’re prepared to wait that long to see your startup work, then you too could build in many domains.
Ignoring Reality
The easiest way to be right is to tell yourself you’re right and ignore all the facts. Unfortunately, this is also the best way to make the wrong decision.
If I chose to pursue my web3 project without taking on board the fact that I didn’t “get it”, I would be lying to myself.
“Strong ideas, loosely held” is the guiding principle here.
Follow the Positive Pressure to Success
Have you heard of the name Andrew Wiles?
He proved Fermat’s last theorem - a problem that remained unproven until since 1637. Talking about his experiences, he mentions:
Out of the ashes seemed to rise the true answer to the problem.
Solving a problem is a process of feeling out boundaries. You feel around in the dark, trying to find out what doesn’t work. Where the walls are, so that you may stumble through to the next step in the solution.
As you explore any niche, any idea, there will be a sense, almost the pull of a vacuum, that pulls you towards the solution.
I’m not sure what determines how accurately we can feel this pull. My only sense is that it gets easier if we are only immersed in one problem.
So, explore. Look for things that might not work, and listen for the pull of something that might. But focus on just the one problem to increase the chance that you hear the pull of the solution.
🔗 Link: Tools For Niches
I’m testing tools that are designed to make our jobs a little bit easier. Have a play around below for free!
What’s Next?
I am focusing on marketing, using both paid ads and cold outreach to get my first free customers. Looking forward to booking in some more conversations with leads in the coming days!
edit: as I was writing this I got my first booked call 🙂
That’s all for now!
It seems like summer has come to an end.
I love the cold - it brings out the best in me and gets me ready to work.
I hope you get a lot done this week!
Ben