Thursday, March 12, 2009

How to earn your first million

Wondering how to earn your first million? It starts with a good business idea. Unfortunately, some people have a hard time starting a business because they can't think of a good business idea. If you're stumped for business ideas, here's a free business idea that could make somebody rich.


Good business ideas start with identifying a need that isn't currently being addressed in the marketplace.


Coming up with a good business ideas isn't that hard, as we try to show in this example. For this particular business idea, the need in the market goes something like this: For starters, humans need to sleep. When they don't get sleep, it makes them grouchy. So, if they are having trouble sleeping, they are probably willing to pay P1,000 for a device that will help them sleep.


You wouldn't identify this need unless you have been through the experience of having a three-year old walk into your room at 4:00 AM and ask "Is it time to get up yet?" For parents, that is a situation that sucks. You might be able to get the kid back to sleep, but then you can't fall asleep. End result? A grouchy day where you are not effective in your work and other life pursuits. If you can pay P1,000 to fix the problem you will, right? So, the invention that fixes this problem is called a "No Time Clock" - as in "Buy This Clock and You Will Be Sleeping Soundly in No Time." Young kids cannot read a digital clock that says 4:00 AM because they don't know their numbers. So, putting a clock in their room doesn't solve the problem of their waking up way before they should and knocking on your door.


The solution - the No Time Clock - recognizes that young kids do know their colors. Hence, the No Time Clock lets the parents set the child's wake up time just as you would on a normal alarm clock. But the No Time Clock doesn't have numbers - it only has colors. If it's before wake up time, the front of the No Time Clock is red. If it's after wake up time, the front of the No Time Clock is green. A three-year old gets the concept. If my clock is green, it's OK to wake up mommy and daddy. If it is red, I should go back to sleep. Problem solved. If you sell it for P1,000, you can probably make P500 in profit. Sell 2,000 clocks and you've made one million pesos.


See how easy it is to think of a good business idea? Just think of a problem and then think of a clever way to solve that problem. If people are willing to pay for your solution and they will pay more than it costs you to deliver the solution, then you've come up with a good business idea.


source: http://www.gaebler.com

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