I had read Zero to One by billionaire PayPal founder, Peter Thiel last year. It was a great book that is full of truths that apply to every market out there. The biggest take-away for me was that you really need to be a monopoly and dominate your niche. What can you do better than anyone else?
[Tweet “Monopoly is the condition of every successful business. -Peter Thiel”]
But Peter goes one step further and explains that it’s not just dominating your niche, but how can you narrow that down more and dominate your sub-nice to eliminate competition.
[Tweet “All failed companies are the same: they failed to escape competition. -Peter Thiel”]
In your niche, no matter what it may be, what can you do better than anyone else around?
What uniqueness can you add to the market?
How can you eliminate competition?
EVERY MOMENT IN BUSINESS happens only once. The next Bill Gates will not build an operating system. The next Larry Page or Sergey Brin won’t make a search engine. And the next Mark Zuckerberg won’t create a social network. If you are copying these guys, you aren’t learning from them.
-Peter Thiel, Zero to One
Peter says the best way to succeed is to avoid the competition. So true! We don’t need another McDonald’s or Facebook – what’s the next big thing? If you are working towards the next social media platform, how can you dominate the market by offering something truly unique? We’ve got to stop copying the big shots. We need to learn all we can from them, but we need to stop copying every move – every idea – and truly find our own market.
How does this relate to land investing?
Land investing is easy to get into, but it’s not necessarily easy to dominate. How can you stand out from the crowd and offer something truly different so that potential buyers flock to you?
Ask yourself a few questions…
What will be your sub-niche?
What will your specialty be?
Will you cater to the preppers?
Will you be a wholesaler?
Land investing can be crowded, but it is not saturated. It’s a great time to develop strategies now that will grow your business, giving you an expertise and advantage over others.
How will you dominate your sub-niche?