Smart Business Magazine, November 2019

6 Smart Business Cleveland November 2019 FROM THE CEO FRED KOURY Find your niche Innovation in the world of entrepreneurship is alive and well Frustrated at the lack of undergarment options on the market that fit her needs and confident that she wasnt alone in her frustration she launched Spanx The Atlanta based company has topped 400 million in sales and has product available in more than 65 countries Blakely is now a billionaire and one of the most influential businesswomen in the world She says entrepreneurs cant be afraid to challenge themselves to find new pathways to profitability even if it takes a little work Dont be intimidated by what you dont know she says That can be your greatest strength and ensure that you do things differently from everyone else Niche markets typically have few competitors If there were more companies doing it it wouldnt be a niche What is important for niche entrepreneurs is that you find an area that excites you If you dont feel a connection to the market and arent willing to learn what it takes to succeed its going to be difficult to find success Take some time to study industries that appeal to you and look for alternative ideas or business models that might work in the space You have a unique gift to make things happen so put those skills to use Entrepreneurship is about turning what excites you in life into capital says Sir Richard Branson so that you can do more of it and move forward with it F ood trucks have become a 1 billion industry popping up in cities across the country and offering unique food items not typically available in restaurants The pet care industry is projected to hit 281 billion by 2023 as pet owners continually embrace new products and services for the special creatures in their lives And with the number of senior citizens projected to double in the next 40 years the market is ripe for new businesses that appeal to this booming segment of the population Innovation will be key to driving the growth of niche markets Economists have calculated that 50 percent of U S annual GDP growth is attributed to increases in innovation according to the U S Chamber of Commerce Foundation Its the dreamers who are willing to step out and try new things to grow their businesses or launch new businesses who are responsible for half of our countrys annual economic growth One of the most successful entrepreneurs has been Sara Blakely FRED KOURY President and CEO Smart Business Network Inc fkoury@ sbnonline com Niche markets are growing in popularity providing new opportunities for creative entrepreneurs to gain a competitive edge Smart Business Cleveland 835 Sharon Drive Suite 200 Cleveland OH 44145 O 8009884726 F 4402507001 Smart Business Magazine Events PUBLISHER Dustin S Klein VICE PRESIDENT OF SALES Katie Janoch Janet K Valore ASSOCIATE PUBLISHER David Brodowski VICE PRESIDENT OF BUSINESS DEVELOPMENT Somer Karim TECHNOLOGY DIRECTOR April Grasso CREATIVE DIRECTOR Jim Mericsko SENIOR ART DIRECTOR Wendy Armon PRODUCTION MANAGER Mary Kay Bukowski CONTENT DIRECTOR Sue Ostrowski SENIOR EDITORS Mark Scott Adam Burroughs Jayne Gest VICE PRESIDENT EVENT MANAGEMENT John Lotenero PROJECT MANAGER EVENTS Danielle Catteau BRAND MANAGERS EVENTS Molly Carpenter Lisa Dore Meredith Rankin Smart Business Magazine Events are a division of Smart Business Network Inc PRESIDENT CEO Fred Koury MANAGING PARTNER Lee Koury MANAGING PARTNER Michael Marzec CONTROLLER Kathy Deutsch EXECUTIVE ASSISTANT OFFICE ADMINISTRATOR Jill Brown ACCOUNTS RECEIVABLE ACCOUNTS PAYABLE Marilyn Homolak Smart Business Magazines AKRON CANTON CINCINNATI CLEVELAND COLUMBUS PHILADELPHIA PITTSBURGH