Pick a growing industry, not a dying one. In booming markets, you ride demand and avoid price wars. Even brilliant founders fail in declining sectors because competition crushes margins and incumbents dominate.
It's better to be an idiot in an intelligent industry than being intelligent in an idiot industry. What do I mean? So if you are just starting, if you are vetting your business idea, look for industries, for sectors, for markets that are growing, that are booming. This way you can ride that wave and offer services in that, in that growing industry. And if you're the smartest, the most hardworking person out there in an industry that is on a downturn, it's going to be really, really tough to make it, and you'll be competing on pricing. There'll be a lot of incumbents. Every deal will be a price war that you have to win. So look for industries that are growing, that are booming. You'll have a higher chance of making it and making it big.
