Thread: The Commandment of Need!

Hey Guys,
Just wanted to share how this one sentence by MJ really struck me today. Like most guys out there, I was running after money. My thinking was, "Let's buy a widget at X and sell for Y" Or "How can I make money off this?". So, along this deluded thinking, I started two businesses which both died quickly after me giving them birth. One was about starting a coupon service targeted towards independent restaurants, service places. That met its violent demise when I got only one person interested after visiting 50+ restaurants. On the other side, I got 2 takers of the coupons (I was trying to get them on my mailing list). People were just not that into it.
The second idea was starting a web design company. Surprise, surprise. There are already 20 web design companies in the Phoenix area not to mention the coders looking for jobs at Craigslist. After doing SEO, calling small businesses everywhere and going around neighborhoods and dropping flyers, I decided that wasnt working out either.
Bottom line is that for both scenarios, I did not research of there really was a need for what I was offering. I just jumped in with both feet and drowned. I have some more ideas but this time I am really looking to see if there is a need out there for what I will be offering. Always follow the commandment of need or you will be wasting a lot of time with dud ideas.

It's good to know that you've learned from your failure and decided to do some research and planning before starting a new business. Good luck for your new business

Originally Posted by smmirza

That met its violent demise when I got only one person interested after visiting 50+ restaurants.

Glad you learned your lesson, but the real gem here is that your trying. You got out and did something, and it failed. Not that big of a deal, the fact that you visited 50+ places is awesome. You obviously had the determination so once you find your good idea you will be set.

Originally Posted by socaldude

A good quote I read today regarding this commandment:

“Don’t start a business endeavor hoping that, ‘If I build it, they will come.’ It is much easier to start where the customers are already lined up. Wherever there is a need unfulfilled, there is opportunity. Be aware. Ask questions. Listen to the answers. People complain constantly about not being able to get something that they want. In every gripe there is a potential opportunity. Devise a way to fill the void, and deliver the solution.” – Russell Slocum @ Slocum Group

LOVE IT.

You see. The market does not give one nano-gram shit about you. It just wants what it wants and its ready to give money to those who work hard to provide product or services that is worth its money.

1. If your business goes bankrupt cause nobody gives you money, not one person in this universe will shed a tear. The world just keeps spinning.

2. The market gives money to those who CLEARLY add a greater marginal benefit(value of product or service) than a marginal cost(the price of the product or service).

3. The commandment of need is closely tied to the commandment of entry. Focus on needs or focus on adding value that is difficult or challenging to provide. That way it will just be you and a few other competitors in the market. Then your odds of success SKY ROCKET. I will be bold enough to say your odds of fastlane success go up to 50%! The more barriers to entry there are(the more difficult something is) the higher chances of success you have! Most people think the other way: the easier something is, the higher chances of success I have(TOTALLY WRONG).

In other words: focus on needs in the market that are difficult to provide but realistic at the same time.

DON'T be lazy, that is a TOTAL tragedy, go out there and learn a new skill set, do endless research, hustle, get your brain cells in full gear, read those books, get away from stupid time wasting stuff like facebook games and reality TV shows. REAL fastlaners listen to the market and do research for 6 hours a day or more and APPLY that knowledge. My goal this summer is to read a book a day! takes me about 3-4 hours, even with a full time job somebody can pull that off! "i don't have time" is total bull shit, if you have kids, get them together for "reading time" and read all together as a family.

sorry for the rant, ill stop there, i'm all fired up =).

Well stated ... very well stated.

Excellent Post Socal! Rep+++

Awesome socal! Agree with every word of it.

Many thanks for sharing.

Let me add that process is one thing that has latched onto me like I cannot imagine. I ignored the process and armed with that last bit of info I was lacking, is now forging toward something greater with process as my roadmap.

Thanks for opening up to us, greatly appreciated.

Excellent Post SoCaldude! What You said is perfect~~ application~~. How are you going to apply your knowledge and skills in order to gain the best results.

Interestingly though the commandment of need also states that you can enter a flooded market but to suceed you must bring something new or of higher quality and value that clearly seperates your business from the rest of the crowd.

You said it Perfect

Just my experience.

Entered a market with well over a 1000 other companies. Didn't spend anything on advertising. Just posted on forums. Things have gone very well. I would estimate the company is now #50.

Originally Posted by socaldude

A good quote I read today regarding this commandment:

“Don’t start a business endeavor hoping that, ‘If I build it, they will come.’ It is much easier to start where the customers are already lined up. Wherever there is a need unfulfilled, there is opportunity. Be aware. Ask questions. Listen to the answers. People complain constantly about not being able to get something that they want. In every gripe there is a potential opportunity. Devise a way to fill the void, and deliver the solution.” – Russell Slocum @ Slocum Group

LOVE IT.

You see. The market does not give one nano-gram shit about you. It just wants what it wants and its ready to give money to those who work hard to provide product or services that is worth its money.

1. If your business goes bankrupt cause nobody gives you money, not one person in this universe will shed a tear. The world just keeps spinning.

2. The market gives money to those who CLEARLY add a greater marginal benefit(value of product or service) than a marginal cost(the price of the product or service).

3. The commandment of need is closely tied to the commandment of entry. Focus on needs or focus on adding value that is difficult or challenging to provide. That way it will just be you and a few other competitors in the market. Then your odds of success SKY ROCKET. I will be bold enough to say your odds of fastlane success go up to 50%! The more barriers to entry there are(the more difficult something is) the higher chances of success you have! Most people think the other way: the easier something is, the higher chances of success I have(TOTALLY WRONG).

In other words: focus on needs in the market that are difficult to provide but realistic at the same time.

DON'T be lazy, that is a TOTAL tragedy, go out there and learn a new skill set, do endless research, hustle, get your brain cells in full gear, read those books, get away from stupid time wasting stuff like facebook games and reality TV shows. REAL fastlaners listen to the market and do research for 6 hours a day or more and APPLY that knowledge. My goal this summer is to read a book a day! takes me about 3-4 hours, even with a full time job somebody can pull that off! "i don't have time" is total bull shit, if you have kids, get them together for "reading time" and read all together as a family.

sorry for the rant, ill stop there, i'm all fired up =).

Great Post! Hopefully it gets people to put their ass in gear and DO SOMETHING!!!