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Having thoroughly researched the topic of niche marketing and having written a book on the subject, I can tell you with some authority that there is no algorithm for finding a niche business that is perfect for you. Making that choice is art rather than science.

My research did uncover some commonalities among the successful niche businesses and the entrepreneurs themselves. While I did not uncover a secret formula for success, here are a few of my findings:

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One of the difficult discussions I sometimes encounter involves strategic competencies. A strategic competency is know-how that enables you to create value for your customers in a unique way. One of the critical attributes of this know-how is that - as with most skills - the more you use it, the better it gets. Another way of looking at know-how based competencies is that they can’t be taken away from you - not by competition, changes in technology, or the marketplace. True, some know-how can become less valuable as markets change - think of Compaq’s early expertise in building high-quality “portable” computers that weighed 26 pounds (12 kilos) - but usually, this know how can lead to another competency that retains its value over time.

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