So you want to start a business but you don’t know what you want to do or pursue. Do you want to sell a product, offer a service or both? Well finding your niche isn’t always easy.Joining us now to speak about finding your niche, we have CEO of the Branson Centre of Entrepreneurship-Caribbean, Lauri – Ann Ainsworth
CEO of Branson Centre of Entrepreneurship- Caribbean, Lauri-Ann Ainsworth says the key to finding your niche as an entrepreneur is first understanding your personality.
A niche is a topic, subject, category or specific idea that business owners build their entire market strategy around.
Speaking on an episode of Money Moves with Kalilah Reynolds, Ainsworth said that finding a niche, the area that you want to build a business in, is not only about finding a community, even though it is very important.
According to her, niching is an internal process that requires a lot of self reflection.
“When you find your personal niche first, you understand what your strengths are, what matters to you and what problem you solve and then you can support creating value for people,” she said.
The CEO said that self awareness is important in creating a sustainable business because once an individual understands their personality they can make the best decision for the business.
“Your personality tells you what environment is right for you,” she said.
She noted that many entrepreneurs have great ideas and identify gaps in the market that they believe they can solve without considering if they are truly passionate about it.
“So, if your personality doesn’t fit in the business it’s doomed to fail. If you want adventure and excitement in your life and you’re sitting down in an office behind a laptop then that doesn’t suit you,” she added.
Similarly, Ainsworth said people should consider their overall strengths when considering the best career field. She said that an individual’s strengths are more than just what they are good at but a combination of their preferred skills and their “zone of genius”.
“I say they are preferred skills because there are skills that you may have that you don’t particularly like using, and those are the ones I call ‘burnout skills’,” she said.
According to Ainsworth, a person’s “zone of genius” is the area that they not only like but also excel in.
Finally, the CEO said that figuring out what truly matters to you as an individual is essential in finding that perfect niche. She said finding out what’s relevant to you as a person will provide the drive and determination needed to have a sustainable business.
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