Focus on What You Know Well

"Starting a successful company involves solving a critical problem for a targeted group of customers. To be able to do that, you have to understand the customer extremely well, and be an expert in their interests, needs and problems.

It's not a coincidence that a lot of successful companies are formed by a few individuals that leave a parent company to start a similar company to meet the needs of their sector. They have worked in the space for a few years, understand the needs very well and create a solution that meets those needs. No amount of market research or interviews will give you that level of understanding, so they have an inherent advantage against competitors...

So, if you're starting a company, find a problem in the fields you are familiar with and focus on that. You'll have a much higher probability of success and likely find yourself with some unfair advantages that you can use..."

Read more in Why VCs Don't Start Companies - Sean on Life.