#40/111: Niche and Grow Rich

What is it about?

Jennifer and Peter Sander show how to find a niche, receive press coverage and write a business plan. I’ll focus on the idea/niche generation because this is the best part of this book.

Key points?

Shrink big markets: Let’s take the cook book market. There are a lot of generic cook books but also a lot of niches, like cook books for allergic persons or cook books for students. You can try this in nearly every market.

Adapt working niches: Take an existing successful niche and try to use it in another environment. For example, Stack Overflow created a niche Q&A site for programmers, today there are Q&A sites for sys admins, cooking or startups.

Update old ideas: This approach is probably a bit harder. You take old ideas and try to change a fundamental key attribute. E.g. Starbucks took the idea of Italian Caf├ęs and combined it with an extreme growth strategy.

Conclusion

The first quarter of this book was pretty good, which covered the idea generation. The rest is sadly a bit outdated and partly too shallow. Though, these tips for finding niches are great!