This advice might seem straightforward, but it’s some of the best any entrepreneur can get. We asked Salis, “How exactly should someone go about learning their industry?” His answer emphasized the importance of immersing yourself fully in the space where you intend to build your business. “You have to dive deep into the industry,” he says. “Strive to become an expert in that field. This means exploring resources online, seeking out industry data, or even going back to basics like visiting a library. Sure, it may sound old-fashioned, but there’s a wealth of information waiting there. Also, don’t underestimate the value of conversations—talk to people who are already seasoned in the field. And, perhaps most importantly, find a mentor. A good mentor can be invaluable, guiding you through the nuances of the industry, answering your questions, and helping you avoid common pitfalls.”
For Salis, becoming knowledgeable doesn’t end at studying general industry information; he stresses the importance of analyzing the key players in the industry. “Look at everyone involved in the space, from buyers and sellers to retailers, stakeholders, and even distributors. This means understanding the roles and objectives of each of these participants.” In addition, Salis urges entrepreneurs to understand distribution patterns within the industry, saying, “Study how products and services move through the market. Is the distribution primarily retail-based, wholesale, or direct-to-consumer? Pinpointing these details can reveal critical insights that may affect your business strategy. Recognizing the most common distribution channels in your industry will help you decide the best route for reaching your customers.”
Salis also emphasizes studying competition and consumer behavior, as these elements hold the key to finding opportunities to stand out. “Identify your competitors and research them thoroughly. Who are they, and how long have they been operating? What is their budget, and how much effort do they put into marketing? Most importantly, what marketing channels are they using? You want to understand the strengths and weaknesses of each competitor in detail. On the other side, you should also examine the customer side of things—get into the buying patterns and preferences of your target market. What’s motivating them to choose one product or service over another? Look for any common pain points, desires, or unaddressed needs. By understanding these buyer personas, you’re more likely to spot untapped opportunities for standing out from the competition and resonating with customers.”
The bottom line is straightforward, yet powerful: for new startups, Salis’s advice is to start with a thorough study of the industry. Learn about the competitors you’ll be going head-to-head with, pay attention to the shifts and trends shaping the field, and focus on the underlying dynamics that drive success. By doing all this upfront, you’ll be laying the groundwork for sustainable growth. Salis’s closing words carry a note of confidence: “Mark my words, if you truly understand your industry, you’ll set yourself apart and, one day, lead it.”
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