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3 tips for starting a company in an unfamiliar industry

Posted by Hope Horner on Jun 30, 2017 11:10:28 AM

Launching a company within an industry you know nothing about isn’t impossible. Your ignorance can be a blessing and a burden.


Just look at Elon Musk, who has started an array of companies in disparate industries -- beginning with PayPal and (not) ending with SpaceX, Tesla and others. With a background in fintech, economics and physics, he’s thriving in the space exploration industry. Like Musk and countless other entrepreneurs who take on a new industry with nothing but an idea and their own determination, I encountered obstacles as soon as I started.


How can market illiteracy possibly be beneficial? Ironically, perhaps, existing in a state of blissful but enthusiastic ignorance can help you approach problems without preconceived notions about their solutions. Because you’re coming from a fresh perspective and aren’t familiar with the giant challenges looming ahead, they can’t (and don’t) scare you.


Read the full article here.

Topics: entrepreneur, business, startup, entrepreneurship, industry