We’ve talked about how competition is to be avoided
Instead, form a monopoly
But how do you identify a competitive space?
As far as I can tell, there are two symptoms:
1. A Shrinking Market
2. An influx of other players
First, is to avoid any area that is shrinking, even if it’s doing something you “love”.
Eric Weinstein loved academics, but left because there were no tenured positions left
Which meant he would spend most of his time worrying about his finances than anything else
Second, is to avoid any area that is being flooded with talent
Law is not shrinking but there are so many lawyers that it might be worth it to try
This practice is so established, that competition has made the bar incredibly high to enter
Data entry jobs might be new but the bar to entry is so low that competition reduces wages
Imagine fighting for a job only to make minimum wage
Avoid competition at all costs
And there are some heuristics that might be helpful