IntroductionWhat I have written may be too obvious to many. But after all, many are here to learn, including me. I just tried to structure my thoughts, I hope you understand my point of view and the framework I proposed. I will be glad to hear your thoughts on this and ways to search for ideas. Thank you!
Currently, I am looking for an idea.
Because you're here, It is more likely that you're in the "I'm looking for an Idea" stage too.
@MJ DeMarco advised us to listen to the market and focus on the following patterns:
- Language - "Any complaining, whining, and dissent is a potential opportunity".
- Inconvenience - "...the product itself or the process surrounding the product" (I guess "process surrounding the product" might relate to any value in the product value array).
- Simplification and/or Easification.
- Wants (need - drive from point A to point B, want - do it on the Lambo).
- Service gaps: "Crappy customer service is an opportunity".
- Geographic arbitrage.
- Crowdfeeding Entry violators: "The best opportunities rarely come from joining the crowd, but serving it". Sell shovels during the gold rush.
- Value arbitrage
- Marketing arbitrage: "...taking an underexposed or under-leveraged asset and using it more effectively."
- Overcapitalism: " Overcapitalism is when any business organization abandons its original value-creating mission and instead prioritizes profit - so much so it's disgustingly obvious"
- Stakeholder Demotions: "Any company who serves shareholders first is vulnerable to you—the entrepreneur who elevates his customer"
- Improvement (and Removement): "Improvement is the muscle behind the Commandment of Need like iron to a workout. Improve something, effectively communicate it, and you will be needed"
I started to notice various opportunities almost everywhere. It excited me, but at the same time, it was so confusing, because there were many of them and it was hard to pick one.
"Why don't you just pick any of your ideas and start the execution process?". I asked myself this question too. And here is the answer:
"It is important to identify the specific group of individuals who will benefit from your idea, as it will determine who you will be working with and the value your idea will bring to them."
This is why I believe it is very important.
Identify your market
Here's the belief that I hope will help you to be more specific about your market and field for looking for the idea.Your well-being depends on the well-being of people who value the same things that you do.
I have chosen not to pursue opportunities in the alcohol industry because I believe that it could contribute to negative consequences for individuals and society, such as increased alcohol consumption and its related dangers. Therefore, I have chosen not to make it easier for people to access and consume alcohol because it can grow the number of people consuming it.
The bigger the alcohol industry -> the more people become alcoholics -> the more potentially dangerous people there are in society -> the less safe you and your family are in that society.
It is also beneficial to know what interests you and the areas in which you have expertise, as it allows you to better understand the difficulties and obstacles that people face within these fields, and how to effectively address them.If making money is your top priority, it may not be an issue for you. However, if it is not, it may be rational for you to assist people you are comfortable working with or at least help those you don't mind working with.
My frameworkHow am I going to look for ideas:
- Identify and focus on markets where you can assist individuals who share similar values as you.
- Pay attention to markets that you have experience in or that interest you.
- Avoid markets where individuals have values that do not align with your own.
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