Show Notes

Here are links and resources mentioned in today's video. Enjoy!

• Nothing here just yet.

Transcription

Alright now, let's talk about "start a business online." One of the huge benefits that you and I and everyone else has, thanks to the incredible power of the internet, is a much, much lower barrier to entry into business.

Trying to start and grow a business pre-internet was much, much harder and more risky. But that said, a lowered barrier to entry is a bit of a double-edged sword.

For instance, while it's easier for you to get started in your online business...a low barrier to entry means that it's much easier for everyone else to get started in their online business, too.

And because the barrier to entry is so low, this means that certain markets or niches are very, very competitive. Here, I'm thinking of niches like recipe blogs, fitness, and anything related to pets.

But just because a particular market or niche is crowded and oversaturated doesn't mean that you shouldn't go into it. I mean, if you're really, really into fitness...like, to a point where you want to dedicate your life to it, then by all means you should go for it.

What you could do here is narrow things down to a specific sub-market...maybe like a more specific area of fitness, or something that's just for a very specific kind of person.

The other thing too is that just because the barrier to entry is low for everyone doesn't guarantee that everyone's going to be able to build a successful online business in a given market.

In fact, a lowered barrier to entry tends to weed out those who aren't really all that serious.

For example, you and I and anyone else could start a recipe blog first thing tomorrow...but that doesn't mean that we'll be able to hang in there and keep going and turn it into a success.

I mean, look no further than YouTube. How many channels exist versus channels that really take off?

So what I'm saying here is that for nearly everyone, getting started isn't the problem. The problem is hanging in there when the going gets tough...hanging in long enough to see this thing start to work.

This is why I say if you're really, truly passionate about a particular topic, you should go for it...simply because you'll be able to outlast everyone else.

If you can, really you want to go after something that's difficult for most people, that most people value -- you want others to value your work...and it also has to be something that's tough for most people to hang in long enough, but that's bearable for you.

Learn to handle a level of stress that would break most people.

The competition is low. When things start getting difficult, most people give up. And the harder things get, the less competition there is. The best things in life are found where the level of stress breaks most people. If you can learn to thrive here, then you'll do just fine.