If you could make your own tooth paste, build your own house, manufacture your own car and refine your own petrol, there would be no need to get to the market to buy these things.
And because we cannot produce everything we need to function in our lives, we have to rely on businesses to cater to our most basic needs: food, shelter, clothing, communication, transportation, information, employment, entertainment etc.
Because life in our modern society is nearly impossible without some of these things, needs are compulsory!
From the time we wake up in the morning, these needs set in and we are more than grateful to pay someone a reasonable price to get these needs satisfied. That’s how many businesses make money; they satisfy a need and make money in the process.
𝐀𝐟𝐫𝐢𝐜𝐚𝐧 𝐂𝐚𝐬𝐞 𝐒𝐭𝐮𝐝𝐲
𝘼𝙡𝙞𝙠𝙤 𝘿𝙖𝙣𝙜𝙤𝙩𝙚 – Africa’s richest man is arguably the role model to follow when it comes to spotting business ideas that are built on needs. Just one quick look at his business interests reveal his core focus – meeting people’s everyday needs.
Dangote’s biggest investments are in sugar, salt, flour, cement, beverages, and petroleum products. All of these are products that millions of people use and consume every single day.
It’s definitely no surprise that he’s Africa’s richest man!
𝙀𝙢𝙥𝙡𝙤𝙮𝙢𝙚𝙣𝙩 – In most parts of Africa, unemployment is a nightmare; millions of young and able people cannot find the jobs they need. In Kenya over 10 million people need jobs, and another one million fresh university graduates enter the unemployed labour force every year.
Interestingly, within this same market, companies find it hard to recruit suitably qualified people in vacant jobs. Companies and organisations need an effective and cost-efficient way to hire the people they need.
In 2009, three ambitious university students decided to take on Nigeria’s disorganized job market by providing an easy way to match unemployed people with their dream jobs. Today, Jobberman.com is providing millions of people with the opportunity to find employment.
The interesting thing is, businesses that cater to people’s needs hardly ever go out of business.
Why? Because it’s almost impossible to live a ‘normal’ life if your most basic needs are not met. That’s why people will always spend money to have their needs met.
Make a list of needs for different consumer segments: children, housewives, bachelors, school kids, farmers, big companies, small businesses, governments and many more!
If you can fill a need, the market will reward you quite handsomely.
𝙉𝙊𝙏𝙀 :𝘽𝙖𝙨𝙞𝙘 𝙣𝙚𝙚𝙙𝙨 𝙖𝙡𝙬𝙖𝙮𝙨 𝙥𝙧𝙤𝙫𝙞𝙙𝙚 𝙮𝙤𝙪 𝙬𝙞𝙩𝙝 𝙖 𝙫𝙖𝙧𝙞𝙚𝙩𝙮 𝙤𝙛 𝙗𝙪𝙨𝙞𝙣𝙚𝙨𝙨 𝙞𝙙𝙚𝙖𝙨
*Written By*: Justine Nyachieo
Business Man & Mentor
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