When looking to enter a market, one should choose a market that is up and coming, and growing bigger and bigger every day.
Rob Go says, “growth does tend to fuel great opportunities. But more important than the growth of a market are the big trends driving that growth and propelling companies and innovation forward. “The key as an entrepreneur is to try to predict what these are before they are blindingly obvious and there are tons and tons of competitors in the space” (HBR). Rob Go, from the Harvard Business Review, explains that the key to being successful is essentially “guessing” the market before everyone knows about it. Phones are becoming a prominent necessity in every day life for the average consumer, and creating the next revolutionary phone accessory is the going to be the next entrepreneurial wave.
Many Entrepreneurs build off of ideas from other entrepreneurs and expand on them because it is much easier to expand than to create. For example, the Popsocket: one of the revolutionary ideas for a phone accessory which has since, taken many forms: The Loopy Case, the Phone Ring, and the Elastic phone holder.
If I were to enter an entrepreneurial market I would enter the phone accessory market. That is one of the reasons why I am creating this blog. As a student, I am unable to devote my time to entering the phone accessory market but hopefully, someone devoted to this topic can use my page as a reference in their triumph in joining the market for themselves.
My blog will be a home to all the information one will need to become knowledgable about the phone accessory market and the opportunities it presents. I will not only have where you can get the products I review, but you will also be able to see how those products became prevalent in the market.
When phones were new to the public, the phone accessory market was almost non existent. Because “technological advancement in the mobile phone accessories is the factor that is driving the growth of the market,” the market will be forever growing as long as technological advancements are still being made (Research and Markets). Life did not revolve around this portable computer like it does today. Businesses are all about making your phone experience better than it is right now. Therefore, users want a way to protect their assets, so they need to buy a case. The market for cases is a mega trend but the downside is that the barriers to enter the market are essentially unrestricted. However, the market is always evolving. The amount of freedom that phone accessory creators have is infinite, and that is why an entrepreneur would thrive in creating the next big thing.
Because of this lack of a barrier, the competition is fierce. There are thousands of knock off brands and a few very pronounced companies that run the market. The “lack of brand awareness and poor economic conditions in under-developed countries are hampering the growth of the market,” making it tough for the name brands to sell their high end products at a high end price (Research and Markets). Not like phones where there is basically one company that runs the market (Apple), the case market has many competitors that all do their best to create a new case that stands out from the crowd and encompasses an idea never seen before by the consumer.
If the world revolves around the smartphone, the smartest thing for an entrepreneur to is to start brainstorming and coming up with a business plan in order to get into the action.