3 Tips for Starting a Company in an Unfamiliar Industry

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.

Hope Horner

Hope Horner