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How to find a need / problem?

Amro

Contributor
Oct 5, 2018
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Schoorl
Hi all,

Before someone asks, I did a search for similar threads but couldn't find one. I want to know how some of you succesfull fastlaners find needs and problems in markets before you enter them? Can someone give me some specific tips and tricks so I can continue?

Thanks for your help!

Regards,
Amro
 

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Chris25

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Aug 29, 2018
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I don't know if you've read MJ's books but he describes the process in detail with multiple examples. What comes to my mind atm is finding something you yourself have problems with. If you're waiting in a line for example and think to yourself "Ugh I wish there was an easier way to do this" than you discovered an opportunity where you can find a way to improve something. Either the waiting time, or line organization, etc.
 
OP
OP
Amro

Amro

Contributor
Oct 5, 2018
94
82
68
Schoorl
Hi,

@Chris25 Thanks for your reply. I'm still reading the book but I am using this site at the same time. I understand that this is an option but then we need to have a clear overview what the competition does otherwise there is no edge to fill.

But good reminder to continue reading the book.

Regards,
Amro
 

George Appiah

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Aug 16, 2018
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Accra, Ghana
Hi,

@Chris25 Thanks for your reply. I'm still reading the book but I am using this site at the same time. I understand that this is an option but then we need to have a clear overview what the competition does otherwise there is no edge to fill.

But good reminder to continue reading the book.

Regards,
Amro
UNSCRIPTED deals with this in detail.

CHAPTER 35: THE COMMANDMENT OF NEED: HOW TO ENGINEER OPPORTUNITY IN ANY INDUSTRY includes 13 ways of identifying FASTLANE business ideas.

CHAPTER 40: THE 7 PILLARS OF PROCESS: GO FROM IDEA TO PRODUCTOCRAZY provides a complete framework for validating and developing the idea.

There are also other essential nuggets sprinkled throughout the book.​
 

Smuggo

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To be honest I am not complaining about many things... And if I do I found out that there are many companies or people who are already solving that problem I had.

And for example my family was complaining about destroyed carpet by some kind of a guy (company) and I was like.. damn maybe I can do it better but after quick search in google I've found few more comapanies that had good opinions, sites ect.
 

Chris25

Bronze Contributor
Read Millionaire Fastlane
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To be honest I am not complaining about many things... And if I do I found out that there are many companies or people who are already solving that problem I had.

And for example my family was complaining about destroyed carpet by some kind of a guy (company) and I was like.. damn maybe I can do it better but after quick search in google I've found few more comapanies that had good opinions, sites ect.
Well you don't have to be complaining with a balled up fist. It's more about the thought process in your head. You need to notice when something isn't working too great and find a (possible) way to fill the gap.

From a Fastlane perspective a carpet cleaning service doesn't really hit any of the 5 commandments (especially scale). Instead you would be looking for a new carpet cleaning solution all together. A new way of cleaning carpets, a new product that "magically" cleans the carpet for you, a new modern carpet replacement, etc.
 
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Smuggo

Bronze Contributor
Read Millionaire Fastlane
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Apr 13, 2018
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From a Fastlane perspective a carpet cleaning service doesn't really hit any of the 5 commandments (especially scale). Instead you would be looking for a new carpet cleaning solution all together. A new way of cleaning carpets, a new product that "magically" cleans the carpet for you, a new modern carpet replacement, etc.
It happend the same day I've read this topic GOLD! - Making Money For Dummies (And In a Crowded Market) and since I am not from U.S.A I thought it would be worth to implement.

Easy. Go to Twitter and search #Ihate or #Iwish, etc. Then go to Google and type in the same things (minus the hashtag) and check out the top results. Boom freely available problems that people need/want solved. MJ's detailed this process quite often.
Google doesn't work for me since it finds me: music, i hate everything, me, you, statistics ect. :happy:
Twitter seems to be more accurate.

i hate.jpg
 

A way of life

Contributor
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Jul 3, 2018
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Easy. Go to Twitter and search #Ihate or #Iwish, etc. Then go to Google and type in the same things (minus the hashtag) and check out the top results. Boom freely available problems that people need/want solved. MJ's detailed this process quite often.
I go on twitter and search for #Ihate etc and all I see is crap am i missing something?
 

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Get Right

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am i missing something
Yes.

Post 3 things you saw and we can show you the opportunities. The goal being for YOU to be able to see them in the future.
 

The Abundant Man

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I go on twitter and search for #Ihate etc and all I see is crap am i missing something?
Good

Now what kind of crap do you see?

You need to search deep within yourself

Really look at what other people post

You will find the answers. They are there

upload_2019-3-2_0-18-37.jpeg

upload_2019-3-2_0-19-10.jpeg
 

Ajit Ratnaparhi

Contributor
Feb 28, 2019
12
21
16
Pune
Hi all,

Before someone asks, I did a search for similar threads but couldn't find one. I want to know how some of you succesfull fastlaners find needs and problems in markets before you enter them? Can someone give me some specific tips and tricks so I can continue?

Thanks for your help!

Regards,
Amro
Hello ,

Best way to find a problem is to see around yourself.

World free of all problems is impossible.

"Need " I call it pain point. A pressing need where people are ready to pay you their money without thinking twice. As MJ describes Need should be strong.

For example: Healthy Food. Nowadays, food for healthy food is in demand. People will not think twice before giving you money.

Think about basic needs- Shoes , Toothpaste, things we use day in day out.

This reminds me of Google's parameter for company acquisition- They call it Toothbrush test - " Are customers using your company's product at least twice a day "

Strong Need will always play a pivotal role in your fastlane equation.

Similarly n number of options are available.

IMO use this test "what is something I can offer to the world for which they will not think twice before paying me"

Hope this helps.

Regards
Ajit
 

MHP368

the man, the myth, the Pseudo-Apollodorus
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Hi all,

Before someone asks, I did a search for similar threads but couldn't find one. I want to know how some of you succesfull fastlaners find needs and problems in markets before you enter them? Can someone give me some specific tips and tricks so I can continue?

Thanks for your help!

Regards,
Amro
Go on reddit and find the "askreddit" sub and then ask some amalgamation of the frustration problem without being so vague that its obviously in bad faith (ie , dont sound like someone fishing for data)

So "whats the most frustrating thing for you about xyz?" , or "what something that grinds your gears day to day?" <-family guy referwnce folks will love , not "tell me about a moderate or negative experience youve had with a brand or company"
 

Jesse D

New Contributor
Apr 10, 2019
3
3
13
In my opinion Amazon is a great tool to identify market/product problems.

Amazon has so much valuable data-- all for free. Existing customer comments/reviews on products that sell high volumes is key.

Steps:

1) Find a product your interested in on Amazon
2) Make sure it has plenty of customer feedback in reviews/comments section
3) Comb through all customer feedback that has ratings of 3 Stars or lower
4) Find trend among customer complaints (THESE ARE THE CURRENT PROBLEMS WITH THE PRODUCT!)
5) Fix the problems, implement, sell
 

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