Success criteria to provide a service or product for profit

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For a service provider to gain market share in a niche, it needs to be either (1) better at the job than the competition, (2) market better than the competition, or (3) market different from the competition.

In order to find qualified customers for your product/service, they must be (4) able and (5) willing to pay for it.

In order to make the idea work financially, is this the required combination of criteria met? (1) or (2) or (3) and (4) and (5)

I have this Venn diagram (as an attachment) to display in case if what I'm typing here sounds confusing.



I presume this should also hold true at the same time for the idea: The market cannot be a wasteland (with limited supply and demand), nor would it be wise to enter a saturated market (with abundant and hypercompetitive supply of vendors fighting for scarce customer demand, mostly penny-pinchers if anything).
#criteria #product #profit #provide #service #success

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