Jul 152010
 
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I learned this one from Ed Moldt, who was the Managing Director of the Wharton Entrepreneurial Center (the name has since been changed to Wharton Entrepreneurial Programs) when I arrived there as a very green student consultant in the 80’s.  He spoke to a class I was attending, and I remember the students having a hard time swallowing what he had to say:  do things no one else wants to do and you will by definition have less competition and therefore higher margins.  I remember that one of his (dozens of) businesses had to do with sewage treatment, definitely not a topic that comes to mind right away for the typical entrepreneur looking to start a business.  However Ed, a master of staying under the radar by the way, found it to be a very profitable business, along with the dozens of others he owned that most people would not even consider pursuing.  Like the lesson about staying under the radar, if you’re pursuing fame or sex appeal, it’s typically best not to look for it in your business, a place where profitability and wealth creation should be paramount.  Do what no one else wants to do and you will greatly enhance the likelihood that you will make a lot of money.  Depending what market you are in, it may be hard to find a niche no one else is pursing or wants to pursue, but give it a try.  You will be glad you did..

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