By far, the easiest path to entrepreneurial success is to ride the wave of a fast-growing market. If the underlying growth fundamentals are strong, you can grab on, hold on, and be carried to prosperity. You don't have to excel, just survive. Even if you slightly under-perform the market, you'll be OK.
A good friend of mine sold his family's business a few years back and is living quite comfortably on the proceeds, thank you. He had inherited the company from his father, managed not to wreck it, and can now devote significant time to civic and charitable causes. The enterprise was a wholesale distributor of various disposable products such as paper towels, napkins, plastic-ware, light bulbs, and such.
The founders took the plunge shortly after World War II, at a time when there was really no significant disposable industry. Before the war, almost nothing was disposable except toilet paper. The world was in economic depression. Plastics were rudimentary. Towels and napkins were cloth. After the war, the returning GIs went to work in the newly booming auto and construction industries. They had money to spend, and the necessary technologies were in place. Paper napkins, and towels appeared, followed quickly by paper plates and cups. Plastic forks and spoons arrived on the scene shortly thereafter. The rest, as they say, is history.
My friend's father told him that he and his partner had done nothing particularly well except to pick the right industry at the right time. Beyond that, their performance was painfully average. Still, they prospered; and my good buddy is glad they did.
What newly booming market can carry you to prosperity? Combine powerful market fundamentals with a compelling end-user need and you might hit a home run.
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