Stop Being Average — World Class Market Creation | Summary and Q&A

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February 15, 2020
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Visualize Value
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Stop Being Average — World Class Market Creation

TL;DR

To excel in a specific field, consider combining your skills and interests to create a dominant position in a smaller market.

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Questions & Answers

Q: How can combining interests and skills help you excel in a smaller market?

Combining interests and skills allows you to create a unique value proposition, making you stand out in a smaller market. By leveraging your diverse expertise, you can attract clients or customers who are specifically looking for that combination, giving you a competitive advantage over others who focus on a single skill or interest.

Q: What is the advantage of competing in a smaller market rather than a larger one?

Competing in a smaller market offers several advantages. Firstly, the competition is less intense, allowing you to establish yourself more easily. Secondly, since the market is niche, potential clients or customers are more likely to be interested and willing to pay a premium for your specialized offering. This can lead to higher profitability and greater demand for your skills or products.

Q: How does adding layers to your craft impact the size of your market?

Adding layers to your craft narrows down your market size. As you combine multiple interests or skills, you create a unique offering that caters to a specific audience. While this reduces the number of potential customers, it also decreases competition and increases your chances of becoming a standout player in that niche. By refining and specializing your craft, you can dominate a smaller market where there is a higher demand for your specific expertise.

Summary & Key Takeaways

  • You can't become world-class in a large market, so consider competing in a smaller market where you can stand out.

  • By combining multiple interests and skills, you can create a dominant position in a niche market.

  • The more unique layers you add to your craft, the smaller your market becomes, but the higher your chances of success.

Questions:

  1. How can combining interests and skills help you excel in a smaller market?

  2. What is the advantage of competing in a smaller market rather than a larger one?

  3. How does adding layers to your craft impact the size of your market?

  4. Can you provide an example of someone who has successfully dominated a niche market?

  5. What is the difference between being world-class in a specific field and being dominant in a smaller market?

  6. How can individuals identify their unique combination of skills and interests?

  7. Are there any downsides to focusing on a smaller market rather than a larger one?

  8. How can individuals build a strong market position in a niche market that they create?

Answer:

Q: How can combining interests and skills help you excel in a smaller market?

Combining interests and skills allows you to create a unique value proposition, making you stand out in a smaller market. By leveraging your diverse expertise, you can attract clients or customers who are specifically looking for that combination, giving you a competitive advantage over others who focus on a single skill or interest.

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