422: Marc Gruber- 3 Steps to Discover Your Most Valuable Market Opportunities

Aug 15, 2018

Ask episode

Chapters

Transcript

Episode notes

I'm sure you've heard a lot of people preach about how you need to find your niche. Although this is true, as an entrepreneur you want to make sure you find your niche. By that I mean your area of expertise.

Although you want to be able to identify your audience, you don't want to close yourself off from other business opportunities. For example, if Amazon had been called Online Books for Cheap, they would have significantly reduced their ability to pivot. A study has shown that about three quarters of all businesses make a pivot within their first two to three years, so you want to make sure you give yourself the ability to.

I imagine you're next question is, "How do I know when it's time to pivot?" To be honest, you'll know through analysis. Take the time to sit back, look over your business, your industry, and even do a bit of self reflection. Once you have a strong analysis, now comes the time to play.

Let your creative side take over. Don't use your stats to go to an obvious place. Use your creativity to play with where you think things are going. Where you think you are going. To dive more into this, I brought on an expert in balancing your creative and analytical side to achieve the most success possible: Marc Gruber.

Marc Gruber is a world-leading researcher in the domain of innovation, entrepreneurship and technology commercialization. He is Vice President for Innovation at the Swiss Federal Institute of Technology (EPFL) in Lausanne, Switzerland, where he also heads the Chair of Entrepreneurship & Technology Commercialisation. He works as the Deputy Editor for the #1 empirical research journal in management, the Academy of Management Journal. He received multiple 'Thought Leader' awards for his breakthrough research. Gruber is actively engaged in teaching, consulting, and executive training programmes in Europe, the United States, and Asia, and regularly acts as a jury member in start-up and corporate entrepreneurship competitions across Europe.

Download this episode now, no matter how long you've been in business, to learn when and how you can make the pivots you need to.

WARRIOR OF CREATIVITY

"You have to be agile and you have to be focused." -Marc Gruber

Highlights -

Entrepreneurs need to carefully choose where to play.
You can learn a lot by analysis and reflection.
There are a lot of business opportunities out there waiting to be discovered.
You can combine analysis and creativity to come to a variable outcome.
73% of all new ventures have to pivot in the first 2-3 years.
Your niche is your area of expertise, not a specific market.
Develop an attractiveness map.
Think about a broader brand name to give you more options in the future.
It's never too late to pause and reevaluate your business.
Take the time to really study your market.
Making a pivot is usually not as drastic as it may seem.
Find new ways to compete with others.

Guest Contact -

Marc's Website
Marc's Twitter
Marc's Book

Contact Jeffrey -

Resources -

12 Must-Have Mindsets for Uncommon Entrepreneurs! A FREE tool for Creative Warriors to help you get clear on the ways you need to think differently to get the results you want. We've been handed a whole bunch of malarky about who we are and how business works that simply doesn't work for us. It's time to set it straight! This tool will give you the insights you need to think your way to success as a Creative Warrior and keep you on track.
Check out the Creative Warriors RESOURCE page! A collection of the best companies, hand-selected, to help you succeed! You'll find vendors, services, products, and programs to help you Create, Serve, and Be Prosperous! All these companies have been used and approved by Jeffrey and most are used every day in his business.
Music by Jawn

Affiliate Links: Disclosure of Material Connection: Some of the links in the post above are "affiliate links". This means that if you click on the link and purchase the item, I will receive an affiliate commission. Regardless, I only recommend products and services I use personally and believe will add value to my readers. I am disclosing this in accordance with the Federal Trade Commission's 16 CFR, Part 255: "Guides Concerning the Use of Endorsements and Testimonials in Advertising."