Is it a good idea to start a business in an industry you aren't familiar with?
One thing I see common among successful entrpreneurs is that most of them had prior experience in the industry they started the business in.
Is this a necessary component do you think?
Without relevant experience, it might be difficult (though certainly not required or impossible) to validate that the problem you plan to solve is 1) painful enough to get folks to pay meaningful amounts to fix it and 2) definitely fixable with software.
My personal anecdata starting in a field I didn’t have experience in is that even with reasonable attempts at validation (many info interviews, cofounder with related experience, letters of intent before product buildout, baked enough story to raise VC) we failed for “not fixable with software” reasons that most seasoned industry veterans would have seen in the beginning but took us 2 years to believe.
It's also more likely that you will burn out soon in an unfamiliar industry right?
Is it easier when you have experience in the industry you're targeting?
Of course, just a common sense answer really.
Is it "necessary"? (as in - impossible to succeed without)
Of course not. Again, just a common sense answer.
Not starting with a problem you know well is like starting a race 20m behind the start line. It's possible, but it will take you longer to get somewhere and there's a bigger probability that you might lose.
You will always have to learn about the industry where you are doing business. If you know it before starting your business, that becomes an advantage and prevents you from making noob mistakes. In my interview with Arvid he taught me a small exercise that every entrepreneur can do to find the industries where they already have some prior knowledge.
"One thing I see common among successful entrpreneurs"
Would you name 3 of them?
To answer your question, it's about personality.
If you enjoy learning new stuff, challenging yourself constantly. Go for another industry. If you love what you do and be a master on it. Stay where you are.
Hey @adshahriar!
Most people would tell you to stick to an industry you know/you're comfortable with. I agree with that, it is even better if you can be your own first customer, that is my case.
Nonetheless, If you got a personal connection with guys working in a specific industry, maybe they can tell you enough about it.
The only goal remains to be able to get enough data to build the product/service.