Create a business based on real customer needs.
Creating a business based on impulse is very dangerous. It’s much better to learn how to analyze needs and solutions in order to find undiscovered business opportunities. If you don’t want to put too much risk into your new venture, base it on real customer needs.
- Choose a product or service that you use.
. . . ideally in an area that you are passionate about.
- Think of all needs that people using this product may have.
You should be able to create quite a few needs. Think of adjectives such as more accurate, cheaper, cleaner, easier, faster, more flexible, healthier… and so on.
- Talk to people about those needs, analyze the market, and narrow your list down to those that are real needs.
It does not make sense to build a solution for needs that already have a good solution or needs for which the market is not big enough.
- Think of the potential solutions to the needs you discovered.
Sometimes you are not able to build a good solution, even if you discovered a need.
- If you didn’t invent a good solution to address the need, start over again.
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