The Commandment Of Need

[ANON04803]

Hello everybody,

I want to start a company and take the commandment of need very seriously. So everyday after work I sit down and try to "think and grow rich". I try to come up with a product/business idea/service that solves a problem. This problem has to fulfill the following criteria:

Lots of (millions) people have this problem
They are willing to pay a lot of money for the solution
The problem has to be solved immediately
The problem occurs frequently (and thus generates recurring revenue)

I am sure those among you who are already successful entrepreneurs already underwent this very process successfully.

I would really love for you to share your thoughts and ideas with me.

 

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[Chx]

Lots of (millions) people have this problem
They are willing to pay a lot of money for the solution

There aren't millions of people who have a lot of money to spend on products/services.

The average person has little money. Rich business owners have a lot of money. So you can either provide a small amount of value to millions (B2C - think Netflix), or a large amount of value to thousands (B2B - think Salesforce).

Either works, as long as there's real value.

 

[Jobless]

Consider that most major 'needs' have alternatives. These are less obvious and tend to not be as competitive, serving people skeptical of the commonly accepted solutions for a need. If you are not part of this group, you likely do not know about it. It has a novelty factor for the uninitiated.

Example: Alternative medicine, alternative modes of transport, alternative diet food products (vegan, gluten etc.), alternative fashion, alternative abodes, alternative travel, alternative media, alternative education, etc.

Many 'need solutions' also introduce new needs. The need for accessories, storage, repair, insurance, customization, disposal / recycling, secondary markets, community, guidance, tools, updates, materials, etc.