Follow New Industry Topics

As a startup entrepreneur, you don’t need to be an expert in your new business idea’s industry from the start. However, understanding the industry is essential for achieving success. It’s important to know the key players, regulations, current processes, problems, existing solutions, trends, and other critical factors.

Why is understanding the industry important?

As a startup entrepreneur, you are building a product or service that solves your customers’ problems. This requires understanding both the problem itself and how your customers operate. You also need to understand the other players in the industry ecosystem – such as competitors, partners, and regulators – and their roles in the bigger picture.

Industry knowledge helps you make better decisions and steer your startup’s development in the right direction. Learning doesn’t have to happen all at once – you can approach it gradually.

How to get to know the industry?

Getting to know your industry doesn’t require massive effort. Follow industry discussions and trends on the channels where your customers and experts are already active. This way, learning happens partly passively, while you browse social media or other content you already consume.

You can start with:

• Social media groups: Join Facebook and LinkedIn communities where current industry topics are discussed.
• Podcasts and audiobooks: Listen to industry-specific podcasts and read books that offer deeper insights.
• YouTube channels: Use expert-produced educational videos and presentations.

These sources can give you valuable information about trends, problems, and current solutions. This knowledge can help guide your startup’s development in the right direction.