As plainly as it can be, in a developing or growing economy, demand across all goods and services far outstrips supply.
In other words, a business owner can enter any industry of his choice vis. passion, and then “succeed”, and still be unable to satisfy the demand that is lapping up all that is being brought to the market.
On the other hand, goods and services are in a state of oversupply in a developed economy where demand is more or less satisfied.
To pursue business in such an economy would require one to unseat a competitor; It is a zero sum game and it is extremely difficult.
A person would, at some point in time, have had wanted something so badly that he or she would be willing to pay an exorbitant price for it because it is perpetually out of stock.
Now imagine this scenario applying to just about everything that is immediately within your reach. Perhaps, one can consider the rice cooker which we take for granted.
Manually cooking rice is inconsistent. Imagine the first time the rice cooker hit the market in Singapore decades ago and everyone wanted one. Yet no one supplier could satisfy the demand immediately. Not everyone has lived through that period but some who have are still around.
The insatiable demand would have persisted then, and it would be hungry for upgraded and better versions of the original rice cooker before the market became saturated.
How about the fans and the washing machines. How about the bars and clubs? The financial and investment services? How about property development?
Etc. Etc. Etc. That is a developing economy. The likelihood of business success is higher even with both eyes closed.
It wouldn’t be difficult to imagine the uphill task facing the entrepreneur seeking out a demand for his goods and services when just about every sector and industry is saturated or in a state of oversupply.
“Finding a niche” is best understood against a backdrop of a saturated economy. It is a graceful way of demanding that the entrepreneurs differentiates their non-differentiable product and services in that saturated economy.
An example would be product photography or model photography. The photography field is saturated and has always been.
However, back around 2009, the burgeoning number of blog shops created a surge of demand for photographers. Even mere average photographers could share a slice of that new pie.
A personal friend shared that if he was requested to take the shots of the models on behalf of the blog shop owners, a single point and click would make him $80.00. It is that simple in a field where supply cannot meet demand, or in an entire developing economy.
As soon as the excitement ended, photo studios began closing. My friend had to close two of his three photoshoot studios. Photographers had to return to justifying prices.
On differentiating the non-differentiable
Differentiating the non-differentiable describes the need to try too hard.
10 years ago was when Wikipedia was not a credible source of information.
For myself I prefer a whole string of photos, even bones. But those are still photography