Stagnant valuable industries that aren’t declining, are usually where we find the home runs for new businesses.
People want to enter the obvious industries – VR, High Tech, and Artificial Intelligence. Nothing wrong with that, as there’s tons of opportunity there.
But that often comes with the implicit conclusion that there’s no opportunity elsewhere. Go tell the following companies their industry isn’t “hot” and to pick something else:
Uber, the fastest growing company ever, that taxis aren’t new, hip, or exciting.
Uber Eats, the fastest growing meal delivery service, that pizza and meal delivery is old news.
Netflix, one of the fastest growing internet entertainment businesses that TV programming is piled full of competition and is stagnant.
So if you’re in an industry that’s old, but useful and valuable, there’s likely opportunity. Maybe there’s not as much low hanging fruit, but there’s certainly less competition since all the business whiz kids aren’t looking at these industries.
Providing value is always “hip” and lucrative. If you can truly provide value that’s wanted (eg. NOT a new Newspaper printing technique, as nobody wants that ‘value’), it doesn’t matter what industry you’re in.
When we don’t waste mental energy blaming everything (presidents, economy, industry), we can use that energy to see problems and consider creative ways around those obstacles to still create value.