Are you in a competitive industry? Start licking your chops!

Episode notes

Competition is a great thing. When I see an industry with many different competitors, and many companies offering similar services to customers, my mouth starts to water. This tells me that there’s a healthy market of customers spending a lot of money on services that solve their problems. There are several advantages to playing in a competitive market: A small piece of a big pie = $$ My first SaaS company was in one of the most competitive markets there are - real estate! There were literally hundreds upon hundreds of competitors offering similar products. That didn’t stop us at all. In fact, it actually encouraged us. We knew there was a massive market out there spending money on this service, and we wanted to get our piece of the pie. And believe me, if the market is big enough, even with hundreds of competitors, a small piece of the pie can be very significant. Significant enough to build a 7-figure ARR profitable company, and live a very good lifestyle! Skip finding “product-market fit” Another advantage of playing in a competitive market is that you can essentially skip the stage of finding product-market fit.

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