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Industries Most Difficult To Succeed In

Discussion in 'General Business and Entrepreneurship' started by Nikita, Feb 24, 2016.

  1. Nikita

    Nikita Entrepreneur

    I believe that if a leader knows what they are doing then there is not much difference what industry they are in, they will continually find success in it if they are smart and know the tactics and hard work it takes to get a business running and succeeding. However, it is said that some industries are more difficult than others and I do believe that to some extent. I have heard that restaurants are one of the worst choices for making money which is why it should mostly be done out of passion as a priority and money only second. Also, toys and retail in general, especially when the product is new and requires customer education since it takes a lot of capital to market such information.

    What industries do you think are the most difficult to break into or succeed in?
    setupdisc likes this.

  2. T J Tutor

    T J Tutor Administrator Entrepreneur

    This is a bit ambiguous as a question.

    It's the person and not the business. Any business can succeed. That's why we had the pet rock, Ron Popeil, and Tiny Tim!
    setupdisc likes this.
  3. Healey4

    Healey4 Entrepreneur

    I think the real problem with restaurants is not having the capital to sustain the first year. While building a unique menu, it's very tough to keep operating costs down- meaning you'll most likely be in the red for the first 6 months to a year. When this happens, lots of owners get concerned, and try to cut costs which leads to dissatisfied customers. In short, you need to prepare to lose money in the infancy stages of your restaurant.
    setupdisc likes this.
  4. setupdisc

    setupdisc Moderator Entrepreneur

    Any industry with uncertainty is going to be turbulent for people to get started and become accustomed to. The most risky business moves I've encountered thus far in life were not even from me, but from trusting and risking what I had upon others to follow through. If you are persistent and you don't let anything stop you, then you can succeed at any kind of business even if it's harder than usual to make it work. Understanding what the customer wants and needs and providing it makes it possible to thrive in any kind of economy or market ultimately.

    With that, there are some markets you'd want to use common sense to not make some kinds of moves. You wouldn't want to try to sell beer to MADD members for example (Mothers Against Drunk Driving), or books on the importance of free speech to a communist society's library. Little things like that, you just have to know better. Businesses don't always go under for reasons like that, but it would surprise you to see how many make mistakes like that in some way (not as big but not as small either) to where things like that befall them.

    There has to be some kind of market, even if it is just a niche market, in a certain amount to sustain anything. If you try to run a business for a weird type of metallic part if your town ever needs it for a car that people may not own, you may only get one sale a year or less from someone passing through or a friend who knows someone that needs one. On the other hand, if you put that online, you will get hundreds, maybe thousands of people or more per year that need exactly that rare part you offer. Why? The law of averages and statistics. In a small town, there aren't enough people out of the few hundred or thousand that live there to sustain a business of that kind. When you go online or make what you offer available to millions or billions of people, just a fraction of a fraction of that is still enough to make you wealthy off of it.

    A lot of the restaurants that close down end up going through transition changes with neighborhoods and clients, or quality of service and reviews that affect their bottom line. When any type of business is saturated or there's too many other options, the slice of the pie they become used to gets subdivided further and further until they can't keep their doors unlocked and ready to do business anymore...because there isn't any by then. Smart businessmen and smart businesswomen see this on the horizon, and make changes.

    It isn't that any industry is particularly harder to make it in than any other, it's just that whoever controls the demographics and the supply and demand for those willing to pay gets to win.

    If you find a way to control that or steer some of it your way, then you can make even the most difficult of industries become almost effortless and worthwhile to you.

    If you can make it important and desired by the people willing to pay for it and do it in a way that no one else can, then you will always have money from it. Whether it's a restaurant, a toy factor, or anything else you go out of your way to make work.

    You have to want to make it work more than society wants to disregard it.
    That's where success is born.
    T J Tutor likes this.
  5. Kia Adams

    Kia Adams Entrepreneur

    I think that the oil industry is extremely difficult to succeed in. The price of oil per barrel fluctuates every now and again. Since 2014, oil rigs have greatly shrunk in number owing to the dip in prices of oil per barrel. Another industry that is really in a mess at the juncture is the gas and diesel industry. In the recent times, many gas stations have curtailed their prices in a bid to keep themselves alive in the market.
  6. paulon

    paulon Entrepreneur

    Well in my opinion, the network marketing industry is one of the most difficult industries to succeed in. Contrary to what all the gurus out there are saying, network marketing is just not that easy to break into. The reason? It's been my experience that no matter how good your leadership and marketing skills are you're going to struggle in the beginning. This is because you're primarily dealing with people who don't have an entrepreneurial mindset; they still think in terms of being employed.

    So right of that bat you've got an uphill battle just to get your business of the ground while you're waiting for you associates to undergo a paradigm shift in their thinking.

    I used to be heavily involved in network marketing, but in the end I grew tied of the high attrition rate that goes with the industry, so I don't work in it anymore. Yup, network marketing is my number one pick for being "the most difficult industry to break into, or succeed in".
  7. jona

    jona Entrepreneur

    I would say that anything that has a low entry barrier and over saturation of the market like free mobile apps. You have to offer something really interesting and unique to stand out of that crowd and even then the whole thing is a hit based thing, a handful of apps become huge hits while 99% of them languish there with just some downloads.
  8. Corazon

    Corazon Entrepreneur

    An industry that is tied to the government is very difficult to enter much more to succeed. Take the case of gambling like casino or horseracing or even cockfighting which is dependent on the government. There are times that the government would withdraw the franchise and the business is suddenly gone. It happened to a known gambler named Mr. Ang who had invested in Jai Alai, a sport that is attached to gambling. After investing in the venue and the players, the government had changed hands and the new president of the country was not sympathetic to Mr. Ang so he was not given a franchise for his gambling business.
  9. remnant

    remnant Entrepreneur

    One of the most industries to break into is insurance. There are so many players both smallscale and corporate and this tends to crowd the market. Another difficulty is that most people do not appreciate the immediacy of contingencies which might impinge on their financial and personal welfare. Insurance is viewed as an unnecessary cost.

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