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The Pursuit of Wealth: Barista to Billionaire - Andrew Wilkinson
Deep Dive with Ali Abdaal
Challenges of Building Productivity Software
The challenge with productivity software lies in the fierce competition and lack of user loyalty in the market. Users are constantly seeking new and better solutions, making it difficult to build a loyal user base. Developing quality productivity software requires a large team and substantial investment, typically ranging from two to ten million dollars. Instead of entering the crowded productivity software space, it is recommended to consider niche markets with high-value offerings. Building simple, niche software products with specific functionalities can be a more feasible and profitable approach. Simple, utility-focused software with high value and profit potential is preferred over complex and demanding multi-platform software. Selling simple, boring software to a wealthier clientele is seen as a more lucrative strategy compared to targeting budget-conscious customers. The idea of creating a utility software for tracking word count across different applications on the Mac menu bar is highlighted as a favorable business opportunity.
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