So you’re thinking about starting up in an unfamiliar industry. A little scared? Of course you are! Navigating any new territory can be daunting, confusing, and terrifying. Don’t worry though, I’ve collected some of the top tips from some of the most successful entrepreneurs to help ease your concerns and fine-tune your new industry navigation skills.
Doreen Bloch of Poshly – Ask tons of questions!
Doreen Bloch, co-founder of Poshly the beauty giveaway site, says not to be afraid to ask questions and take every opportunity to network with people in the new industry you’re trying to break into. Asking questions that you think might sound dumb is scary, I know, but experts are usually happy to answer questions and share their knowledge and experience. So speak up and absorb everything you can.
Travis Steffen of WorkoutBOX – Get yourself a mentor
Travis Steffen says finding a mentor in your new industry is key to gaining insight, advice and all-around industry know-how. There is so much to learn from someone who has already treaded the industry territory before you, so start searching for a mentor willing to work with you and you’ll be on your way to new industry success.
Nick Reese of Elite Health Blends – Find out why others have failed
This is a pretty important tip for any startup. Nick Reese says although people want to emulate the model of successful companies, it is more important (and easier) to look at those who failed to understand where exactly they went wrong and avoid making the same mistakes.
Shawn King of HopeMob – Find a good lawyer
Shawn says starting his first business was a series of confusing documents and agreements to unclear terms that came back to bite him in the bum. He says find yourself a trustworthy lawyer to help you understand the legality of starting up and avoid the headache he had to go through.
John Berkowitz of Yodle – Leverage your fresh perspective
One of the greatest things about entering a new industry is the unbiased, fresh perspective you can bring to the table. John suggests learning everything you can about the industry to understand the market and your opportunities. Your fresh perspective can potentially give you a competitive advantage.
Derek Flanzraich from Greatist – Re-consider the new industry
Derek says breaking into a new industry just adds to the multitude of difficulty in succeeding in the startup. Although, as John says, you can bring new perspective, there are tons of cons that come with navigating new territory. Derek suggests re-considering the new industry you’re going into and ask yourself if it is worth all the extra obstacles to tackle. He also says not to let that stop you either.