“If you want something new, you have to stop doing something old” ― Peter Drucker
Coming up with brand new business ideas is a skill and like most skills, it can be learned and developed over time with passion and perseverance. No matter of which industry your idea is about if you strategically invest the right assets, you can make a fortune out of them. You might get zillions of ideas daily but the challenge is to choose the right one out of it. Whether you are looking for new business or new opportunities in your current business the novelty of your ideas will always make ahead of all.
Our first business took us from zero to multi-millionaire in 6 years and I attribute my success partly to business skill and the rest to the timing. I truly believe that a lot of people could have made the same killing in the same business at that time. Why? because the market was hungry. Americans and Europeans were hungry for garments from India and they were in high demand. It was a hot new trend and not much people were involved in that. If you are able to get into the right thing at the right time that will take care of 50% of your success right there.
What keeps you motivated?
Let’s face this, the two primary motivators are Pleasure and Pain. But we work to get one and avoid the other. Of the two which is the better motivator for you?… Generally, it’s pain.
The whole focus to GAIN PLEASURE and AVOID PAIN!
For example, If someone has last 5,00,000 rupees and has two choices, either to go on a cruise or paying for his treatment. Most people will take the later one and some might think to choose the first and make it their last wish. So choose wisely.
Who is a real entrepreneur? A person that solves problems of people at a profit. This by far is the easiest way to find billion dollar ideas quickly because there are so many of them. Problems, most people try to avoid them but smart people actually look for problems for which they find a solution and sell it for a profit.
The secret to finding opportunities is actually not looking for one. You can’t go looking for opportunities, you can but in my experience, you will not find one. An opportunity is a result. So instead, look for specific things that result in an opportunity. So you don’t look for an opportunity you look for problems you look for problems and they don’t have to be huge problems, can be little annoyance, irritating things in our daily life. Look for things that bug you.
Urban Clap is one such example in India. It has solved our daily life problems. Earlier we, used to follow up with electricians, plumbers all the time. Now, these people come at a fixed time, deliver excellent service and just request for five-star ratings because their business depends on it.
Christopher Reeves, the Superman became paralyzed after falling from the horse. One young student developed the seat belts for horse riders.
Do you know who invented the automatic car starter, not the chauffeur but the Mafia!
Once I was on a call with Indian airline and was put on hold for 20 minutes, I had no option but to hear the crazy telephonic music. Why cannot be such a computerized system that tells you how long you have to wait and in the meantime, you can listen to your favorite music? Press 1 for jazz, press 2 for classic, press 3 for a motivational talk by Suresh Mansharamani, don’t you think that will be AWESOME!
Always when there is a problem on the other side of it, is an opportunity.
After Problem- comes no problem!
It may take a little while but eventually, after the problem, it turns into no problem. In real estate you find the best deal looking for a property which has a problem; somebody died, they are moving to a different country, they want to sell quickly. If someone got no problem you will not be getting a deal. Ever heard about bank auction properties available on Debt Recovery Tribunal. Well if no, do look after it.
In 2015, Nestle India faced a big problem that it’s few maggi samples failed quality control tests and were discovered to contain heavy metal toxicity. That was a big problem for the company but a big opportunity for those looking to invest in Nestle. The share price of Nestle in June 2015 before crises was around 7,500 Rupee which was shed down to around 3,500 Rupee and within a year was back to 7,500 Rupee. We all remember the horrifying attack of 9/11, the stock markets were closed till 9/17 and re-opened at 14% down, airlines and hospitality shares were down by 50% but it all came back within a month.
If some major industry closes down in a town, rich investors buy properties in such areas which are depressed at present. It could take three or five years to get things normal and prices high. In 1980, oil prices dropped majorly hence the real estate prices came down by 80% in Houston Texas. It took a while but from oil city, Houston came back to be known as a technology city. Investors multiplied their money by 20-30 times.
John D Rockefeller made his fortune in the exact same depression which made everyone broke as everyone was selling pennies for the dollars. But he was buying because he understood this philosophy. Where there are problems there are opportunities. So whether you are looking for business opportunities or investment opportunities, if you want to get rich, look for problems.
As a human being your mind is perfectly designed for finding problems. It does it naturally. Now you have to put it to your own advantage. If you are a critical person its easy for you.
Edited by- Rajat Babbar Connect