About a year ago I wrote a blog post for the Wharton Entrepreneurship Blog entitled, “Find a Boring Industry”. It was picked up by a few business magazines, but Wharton had the original.
Here is an excerpt:
I am often asked to take calls with friends of friends who are thinking about starting businesses. Not a single call has been about senior housing, but I have had dozens about the restaurant space. The same ideas come up again and again:
- A booking engine for small businesses
- A simple loyalty program for small businesses
- A marketing tool to get more visitors into the restaurant (usually involving an iPhone app)
- A way to get more information about diners and use analytics to market to them (usually via email or an app)
Someone once gave advice to new writers: “write what you know.” This led to an inordinate number of memoirs and loosely fictionalized angst about 20-something writer-narrators. That has a parallel with entrepreneurs trying to solve problems they see in their own life. For example half of the new mothers I know have started building businesses to solve newborn problems. Better advice for both writers and entrepreneurs is to “know what you write.” Yes that may mean writing about your life or solving a problem you already encounter. More likely it means doing research and finding an area that is less explored. It makes for a more original, interesting novel and it makes for a business that doesn’t have to be the best, luckiest and richest in order to be successful.
The full article is here: