With technology innovation making it easier and cheaper to start companies, it means more competition than ever. Given these changes, it may make sense to look for opportunities that have higher barriers to entry and are harder to get competed out of. A few examples to illustrate:
Online gambling has massive amounts of government regulation and requires a ton of time and capital. But the market and opportunity is massive too. If you can suffer through the starting up phase there’s a ton of money to be made.
Conversely, starting yet another subscription commerce for x business is really easy to do.
Reaching critical mass on a marketplace or social network for x is really hard, but once you have it, it’s hard to get dethroned.
In the long-term, I wouldn’t want to be in a business that competes purely on price and can be commoditized by competition. Businesses that are “harder,” or have higher barriers to entry in terms of capital requirement, time commitment, a network effect, etc. may be the place to be given recent technology advances.