Saturday, 23 February 2019

The Simple Strategy To Come Up With A Good Business Idea

The Simple Strategy To Come Up With A Good Business Idea

Do you know why you have a fridge sitting in your kitchen today, uh yeah to keep my food cold, no, let me tell you why you have a fridge, the reason you have a fridge in your kitchen today is that somebody a hundred years ago was like

I hate it when my milk gets spoiled, what if there was a way to keep my milk cold, this way, I don't have to buy fresh milk every morning hmm, I know what I'm going to do I'm going to create some refrigeration machine and that's how the fridge was born.

The story might be a little bit made-up but somebody probably had a problem with keeping things cold and so they created this refrigeration machine which is called a fridge and now people have fridge all across the world

Talking about turning problems into profits, so today I want to talk about your problems but unlike the majority of people I don't want to complain about your problems, I want to talk about how you can turn your problems into businesses that pay you money

Everybody in the world has some sort of problems

You're at home working on your work assignment or you're working on your homework and then oh no you just spilled water on your paper what do you do next?

The majority of people will start crying over the spilled water

But someone somewhere in the world is probably thinking man this is so stupid this is the sixth time this has happened to me this week what if there was a way I could take my mug and make it so that it wouldn't tip over

You have to shift your mindset from just being a consumer to being a producer and when you do that you are working to make everybody else's life better and convenient with your idea and in return, you get paid

There is how you can come up with the perfect business idea 

Find the things that are giving you problems in the world then come up with a solution on how to solve that problem

Let people buy the solution that you created for the problem that you were having

For an example of what I mean

Reed Hastings and his wife wanted to watch Appollo 13 so they went over to Blockbuster which was a local movie store they got the movie they came home they watched the movie and after the movie was done his wife told him to return the movie because they don't want to pay another later fee

Reed forgot to return Appollo 13 on time and so then he had to come up with a way to sneak the movie out of the house without getting caught and return the movie but the cashier says thank you for returning the movie but you owe us a $40 late fee

Reed was embarrassed and a little upset and then he thought to himself man this sucks if only there was a way for me to not have to sneak movies out of my house and I didn't have to pay late fees

Then he took that problem that he had in his mind and he created this business where people would pay him a monthly fee and in return he would mail you the movie that you want to watch and then you could watch in on your own time and whenever you're done watching the movie you can put it into an envelope and you would just mail it back to him

Now you don't have to worry about paying a late fee if you forgot to return your movie on time and you can watch movies no your schedule

There are other versions of the story but I like this one the best

This video business was called kibble which eventually becomes what you know as "Netflix" which is a multi-billion business and it all started with an annoying problem

Now in case you're wondering the answer is no, you don't have to be a tech genius or some crazy business person to turn your problems into a successful business

Everybody in the world has problems the majority of people will complain about them and a few people the minority of people will actually do something about their problems

Find the problem see how you can fix it and then let other people buy the solution to your problem once you figure that out, you had to have the right mindset and go out and make it happened

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