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How to find a need / problem?

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Amro

Contributor
Read Millionaire Fastlane
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

Bronze Contributor
Read Millionaire Fastlane
I've Read UNSCRIPTED
Aug 29, 2018
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139
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Europe
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.
 
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Amro

Amro

Contributor
Read Millionaire Fastlane
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
 
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Amro

Amro

Contributor
Read Millionaire Fastlane
Oct 5, 2018
94
82
68
Schoorl
Hi @papi016

Thanks for the tip. I ordered the book today. But I'm still reading The Millionaire Fastlane at around page 35 so there's still a lot to learn and discover.

Regards,
Amro
 

George Appiah

Bronze Contributor
Read Millionaire Fastlane
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Aug 16, 2018
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486
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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

Bronze Contributor
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Apr 13, 2018
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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
I've Read UNSCRIPTED
Aug 29, 2018
61
139
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Europe
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
Read Millionaire Fastlane
Jul 3, 2018
16
26
19
Sweden
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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The Abundant Man

Gold Contributor
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Jul 3, 2018
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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

Machine Learning Behavioral Driven Lead Gen
Read Millionaire Fastlane
I've Read UNSCRIPTED
Speedway Pass
Aug 17, 2016
703
1,096
376
34
Sahuarita AZ
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
16
18
16
New Jersey
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
 

Itsmeantonios

Contributor
Read Millionaire Fastlane
I've Read UNSCRIPTED
May 28, 2020
43
43
107
Canada
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
I think your comments seem valid, but I have to ask if you have done this yourself? How did it turn out?

Not necessarily that you implemented a product, but how far have you got with this method?
 

Jesse D

New Contributor
Apr 10, 2019
16
18
16
New Jersey
I think your comments seem valid, but I have to ask if you have done this yourself? How did it turn out?

Not necessarily that you implemented a product, but how far have you got with this method?
I am working this process right now. See my product @ www.plugpuck.com and follow the social links at bottom of the landing page to explore more.

It's a simple product, but much of my design requirements have been derived from problems consumers were already expressing with similar products. These were found and analyzed on primarily on Amazon. All along the way, I have been practicing Fastlane principles.

I decided to choose a relatively simple and less expensive product so I can manage and do everything myself. I have designed, patented, done all the video/photo content, worked with manufacturers to build my product, built my website, the works. I recently just hired someone to help with marketing as a freelancer. But everything aside of this I've completed on my own till this point. I consider it my adult lemonade stand-- just learning all the ropes of building a business/brand, no matter how small.

To be honest, the marketing efforts are seeing good results. We're launching our online store early July and I have (in my opinion) a lot of email signups driven from our lead magnet (win free products & receive discount off launch).

There's another thread going with my progress. Goal now is to just test the market and see how people like or dislike the product to make adjustments as necessary. The next big goal would be gaining traction on amazon and ideally pitching to bigger stores (i.e. Target, Staples, etc)

Best Regards,
Jesse
 

ChrisGav

Bronze Contributor
Speedway Pass
Feb 15, 2019
153
346
168
22
Greenville, South Carolina
I used to ask this question a lot in my own mind. Then I realized, I’m really overthinking everything. You don’t have to find a brand new problem that no one has ever solved before.

I ended up starting a pressure washing business because I just wanted to start something. Many would say that’s too competitive and too easy to get into, however I’ve been doing very well with it for about a year now. I made over 7k profit last month alone. Which isn’t a ton but for 21, pretty good.

don’t overthink it, just start. Business evolves, by being in the “game”you have a much better chance than watching from the sidelines.
 

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rr128t

New Contributor
Read Millionaire Fastlane
Jul 8, 2020
2
1
14
Philippines
I am working this process right now. See my product @ www.plugpuck.com and follow the social links at bottom of the landing page to explore more.

It's a simple product, but much of my design requirements have been derived from problems consumers were already expressing with similar products. These were found and analyzed on primarily on Amazon. All along the way, I have been practicing Fastlane principles.

I decided to choose a relatively simple and less expensive product so I can manage and do everything myself. I have designed, patented, done all the video/photo content, worked with manufacturers to build my product, built my website, the works. I recently just hired someone to help with marketing as a freelancer. But everything aside of this I've completed on my own till this point. I consider it my adult lemonade stand-- just learning all the ropes of building a business/brand, no matter how small.

To be honest, the marketing efforts are seeing good results. We're launching our online store early July and I have (in my opinion) a lot of email signups driven from our lead magnet (win free products & receive discount off launch).

There's another thread going with my progress. Goal now is to just test the market and see how people like or dislike the product to make adjustments as necessary. The next big goal would be gaining traction on amazon and ideally pitching to bigger stores (i.e. Target, Staples, etc)

Best Regards,
Jesse
wow, this is actually very cool
 

Mor Ben-Arush

New Contributor
Jul 12, 2020
3
16
13
USA
Richard Branson says that his biggest source of inspiration for new business ideas are the things that frustrate him – if something is annoying you, then there is usually a problem to solve or a better way of doing something.

Just something I came across lately is millions of dollars in research knowledge lie dormant at universities waiting for the right entrepreneur to come along and create a business. Sure some research institutions require licenses and royalties, while others allow their innovations to be freely (open sourced).

Note that you have to give up on bad ideas to open up the possibility of discovering good ideas.

Good luck!
 

Cyberthal

Contributor
Apr 14, 2020
42
56
98
Shenzhen
If you're inexperienced, don't try to start entrepreneurship by "getting an idea". It's unlikely that a newbie's ideas are competitive in a capitalist market that has evolved rapidly for nearly 300 years since the industrial revolution and now encompasses billions of people. Just as it's unlikely that one can make a living looking for dropped money on the streets of downtown New York.

Instead, use employment to get paid while gathering intelligence on your targeted industry. By which I mean, work for other businesses doing things they pay for, whether as freelancer or employee or whatever. Do job-like work. This reduces your potential competition to those who also have accurate industry knowledge.

Job-like work is where some entrepreneur(s) have already defined the value generating structure, and you're just a myopic cog executing like an employee. This leverages the market's existing crystallized intelligence to make your early efforts productive. Which is better than blindly blundering and losing your life savings while trying to feel out the shape of a market.

Job-like work inspires ideas for improving that market. Test those ideas. Testing will involve climbing the value creation chain from worker to entrepreneur, but there are many intermediate steps. E.g. a promotion, consulting, management.

The economy is a giant distributed mind "thinking" via transactions. Target a particular market or industry, sync your individual mind to it by submitting to its guidance, and then begin leading that market by acting independently.

Anyone who asks "How do I get an idea" does not have a large collection of ideas he's actively testing via engagement with a market. The correct question is, how do I tell which of my ideas are better?

The answer is, pretty much the same way animals evolve. Having a photo-sensitive patch of skin is helpful for telling up from down in the water? Make it a little bigger, a little better. Eventually you get an eye. Pay attention to feedback and run small cheap tests.

In this metaphor, employment is like gestating in a womb or egg. Get big and strong and specialized in a safe environment, then compete with the cold hungry world.

Ultimately, businesses and animals are competing for the same thing -- to convert syntropy into entropy. A lion catching an antelope is like a company making a sale. Both "prey" are sources of syntropy which are metabolized, used to do characteristic kinds of work, and dissipated into entropy.

You can tell animals and business compete for the same thing, because animal food costs and is worth money.

The telos of the economy is to climb the Kardashev scale, so if you've no idea what to do, try working backwards from the goal of colonizing space.
 

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