Niche Markets That Are Too Small
I'm not a fan of Gary V. I call him 1DV because he's so 1 dimensional. Work, hustle and enjoy life when you're old I guess? I get it, Gary V is a work-a-holic type character. Nothing wrong with that if that's how you're oriented in the world. However, it's only only a small minority of men who are like that.
The rest of us want to work hard, build wealth and live a dynamic and interesting life filled with choice. I personally hate the whole self help/growth coaching/mindset, you just need to level up as a person or your skills in business.
Yes, when you start out hard work and new knowledge is needed. However, at a certain point, 90% of your success will come from the market and product you build. Not some deep experience you lack.
This is Alex:
He's worth 100 million.
From making Source Wave SEO in his 20s to then pivoting and creating Hyros which he sold in his 30's.
Hyro's made him rich "rich"
Source Wave SEO was a WordPress blog, YouTube channel, email list, and paid course business in a niche market. You can make yourself into a multi-millionaire with this model as getting to 20K-100K a month is not impossible.
But you're not going to build serious wealth. You're not going to get "rich rich."
Sidenote, Alex just abandoned Source Wave, let the domain expire which has now been taken over by some crazy-looking person named "lord" -
Anyways, back to Alex and his Source Wave SEO business. It's a niche market that is too small. But Hyros has a wide range of potential clients and much more profitable problems to solve.
You see, Alex made his first million dollars from running paid ads on Facebook, Google and YouTube.
But you know what?
When running paid ads it's pretty difficult to track the performance of each ad so you know what's works and what's not. This is what lead Alex to create Hyros after letting Source Wave die a slow death.
Why you're not worth 10 million+
So many people never "take off" because they pick tiny markets that are overly competitive or not particularly profitable.
Take my online teaching website for example. It's a little brand I run and while the topic has a lot of search volume, there is not a lot of money to be made talking about teaching English abroad or online.
Like an entertainment website, it's easy to get traffic but hard to turn that traffic into a significant payday.
If you simply took on bigger markets you would get significantly larger results like my main brand and YouTube channel. Market size and fit in that market is 95% of your results as long as you have hard work and basic business understanding covered. Like how I'm great at creating educational tutorial videos but kind of suck at vlogging or how this guy has been banging his head at the same topic for 10+ years.
There is no deep zen knowledge or personal transformation you are lacking. Its simply there is not enough damn money or customers for your product to be worth a billion dollars or you're the wrong fit for what you're trying to do.
Step one to becoming worth seven figures and more is doing it in a market that can support those numbers in the first place.
Final Words
Once you hit a certain level of human competence and work ethic your success in business has far more to do with your market and your product market fit than it does you.
Yes you need to be a top level, highly skilled guy. But put even the most lethal of person in a bad market that is to small, to commoditized or just plain not needed you are going to have trouble.