Sunday, July 11, 2010

Spot the Next Business Idea by Looking for Inconveniences or Inefficiences

The hardest in starting a business is always What business??

When you ask that question from your family, relatives and friends, instead of answering the question by giving you an idea, they always tell you the NEGATIVES of why you should not.

Anyway, here are some of my suggestions:

1. Start with inconveniences such as Long lines of people lining up for a service. (An example is applying for a Philippine passport that has led to several reputable outfits like courier companies who now offer a Passport Renewal service at a premium cost over the regular but still thousands avail of it because they do not want to waste time lining up.

2. Inefficiencies.

3. Time wasters. (Who hates lining-up at the richard joseph siybank just to pay your electric bill??? Its bad enough the electric company charges so much. Now, you have to torture yourself to pay them. In the Philippines, there is an alternative, the Bayad Centers (Or Bills Pay Centers) which are efficient, are everywhere and YIKES, owned by Meralco, the same electric company whom you accuse of gouging you!!!!!)

4. KISS or Keep It Simple Stupid meaning you might offer a simple way of doing a service needed by a lot of people.

5. Lastly, ANYTHING THAT IRRITATES THE HELL OUT OF YOU!!.. Find a better way. Reinvent the SQUARE WHEEL.

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