Are You A Jack of All Trades?

byStanNG

6.3K followers

4 years ago

Finding a niche is a critical success factor to any successful online business.

The reason is "niching" would help you target your business and make your website an "authority" .

If you don't create in-depth content for your niche, you will not be seen as an authority by Big G. Therefor Big G, as in Google won't rank you.

Inability to rank means you do not appear on search results and as a consequence low or poor traffic or reach to your intended niche.

Therefore, the starting point is always selecting your niche or to discover your niche.

How do you do it?

This journey begins with YOU.

What Type Are You?

We start with a question, "What type of entrepreneur are you?"

I have identified 4 types of entrepreneurs

• Jack of ALL trades

• Jack of SOME trades

• Master of ONE

• Master of FEW

These are dominant characters of entrepreneurs. It is by no means fixed, it can change over time as people change and entrepreneurs being people, change according to their experience and circumstances as well.

Some starts off being a Jack of all trades and when one of their ventures grow over time, they change to a master of few or a master of one with more specialization as well as business size as driving factors.

If you are new to online entrepreneurship, your first step is to select a niche.

I will help you out by identifying the SWOT for each of these types so you do the following:

• Which entrepreneur type are you?

• What is the SWOT for each type?

• How you can use this information when identifying your niche?

Are You A Jack Of ALL Trades?

Entrepreneurs are by nature “opportunistic.” Therefore it won’t come as a surprise the majority of entrepreneurs are "Jack Of All Trades," and often do many things, start, run or owned several businesses altogether.

If you dabble in many businesses, you also are in this group.

• Strengths: They are always on the lookout. They will sniff out and find many opportunities.

• Weakness: They have problem focusing. They often struggled to stick to one business to make it successful. Easily tempted by hot new trendy opportunities.
  

• Opportunities: They are never out of options and possibilities. They will have a pipeline of deals waiting to execute, many businesses they want to get involved in.

• Threat: Lack of resources to execute of all the opportunities. May spread too thin because trying too many things to do at the same time.

When choosing a niche, you will likely struggle in getting started because you see opportunities in many niches

Are You A Jack Of SOME Trades?

The second group of entrepreneurs are "Jack Of Some Trades." This group typically is an evolution of the first group who sees lack of resources as threat.

Therefore, they limit to selecting only attractive opportunities based on the resources they have available.

• Strengths: They are still opportunistic but selective based on some return on investment.criteria.

• Weakness: They are still doing multiple businesses and may have problem focusing. They often struggled to manage equally between the different businesses.
  

• Opportunities: They are betting on a few horses and hope for all to win. Having more eggs in the basket is the opportunity here.

• Threat: Due to the commitment to several businesses, when risk occurs, resources can be such into one business at the expense of others.

When choosing a niche, you will likely spend time researching the "returns" you can expect from several niches

Are You A Master Of ONE Trade?

The third group of entrepreneurs are "Master Of ONE Trade."

This type of entrepreneur is the specialist. We see them today as doctors, lawyers, professionals and specialist skills.

They build a business based on a single skill and target market.

• Strengths: They are focused and have depth of knowledge and skills. They are often very good at what they do.

• Weakness: They often unwilling to try other opportunities

• Opportunities: Their specialty often positioned their products and services at higher prices

• Threat: Risk from stagnant market or slow growth and in some cases obsolesces of skills or specialization

When choosing a niche, you may have difficulty getting started because your specialty is difficult to monetize online or you cannot find a related affiliate product

Are You A Master In FEW Trades?

"Master Of FEW Trades" are evolution of the "Master of One."

Usually this is the growth path from the Master of One. They are successful in one business and expand by complementary or related businesses.

They expand their business from the success of a single skill market.

• Strengths: They are still focused and now expand to related businesses that still require depth of knowledge and skills.

• Weakness: Going into related business means they now have to be responsible for the value chain which essentially is buying from yourself and you may not provide the most competitive product or service.

• Opportunities: Their specialty often positioned their products and services at higher prices

• Threat: Risk from related market is again stagnant market or slow growth is still there as it is the same value chain

When choosing a niche, you are likely to try to make your specialty a broader niche and face the challenge of having to create a lot of content is similar struggles to monetize online.

I am all for keeping the process simple but I believe some of you would relate to the above.

Share your thoughts on this blog and comment below!

Cheers,

Stanley