See A Need, Fill A Need

Yes, I stole the title from the movie “Robots.”  But I just credited them, so we’re good.  It’s a powerful statement, one that begs a question…

Are people going to pay for your idea or service?

This is the very first question you need to ask yourself as an entrepreneur.  And answer it honestly because if you don’t, you’re going to spend a lot of money chasing down market share that you will never be able to capture.

Something needs to set your offering apart from the rest, otherwise it will become noise.  And people tune out noise.

When my best friend and I created our first handbag collection, we foolishly thought high quality leathers and hardware in vibrant colors would set us apart.  And if that didn’t do it, we always had our little “story” to fall back on.  Krina handbags were designed for the “thinking” woman.  So we included a penny hidden in the lining of each bag.  It was our cute little thing.  Guess what?  Nobody cared.  We loved that design element but it didn’t sell the bags.  It was different, but alas, not different enough.

Ever hear of the Butler bag?  I wasn’t a fan, because the styles didn’t do much for me. Plus, I’m too much of a handbag snob to carry a non-designer bag.  But the utility is what captured the hearts of women everywhere, proof positive that a large chunk of my target market was more concerned with function than fashion. My pennies couldn’t hold up to Jen Groover’s clever way of compartmentalizing life into a structurally-sound handbag.

C

Courtesy of www.butlerbag.com

 

 

 

 

Courtesy of www.butlerbag.com

Courtesy of www.butlerbag.com

She identified a need and created the solution.  It’s made her a raging success.  Her prices were competitive early on and she was able to claim her market share.  As time has gone on, the pricing increased but her fan base hasn’t wavered.  Kudos, Jen!

Jen Groover addressed a major pain point for women struggling for some degree of organization in their busy lives.  And that’s the name of the game.

Are You Risk-Averse Or Risk-Embracing??

I’m so charged up right now!  I have the best freaking idea and I’m so excited to work on it!!!

I LOVE channeling my inner creative spirit!  Sometimes it goes into overdrive.  It’s like I can’t stop it.  LOL, do you get the reference?  The Girl Next Door??  Elisha Cuthbert, former porn star, Emile Hirsch, her younger, sex-starved neighbor??

Anyway, big ideas usually come with equally large risks, and not all of them are financial.

For example, if you’re going to dive head-first into a new venture, is your Hubby going to freak out about piling on the debt to get your idea off the ground?  Since he only has his past experiences to draw upon, things might not look too promising for you. Crikey, am I ever going to redeem myself???

Is the risk of an ugly divorce worth all the effort?

Of course, if you’re a gambling person in need of startup funding you could always put your investment on black and roll the dice in hopes of making the rest.  It COULD work…

One defense mechanism you definitely need in your arsenal to overcome said risks is P-A-S-S-I-O-N.  Do you know why?  Passion won’t pay the bills but it’ll drive you towards getting your idea out there and perfecting it so that everyone immediately gets the value proposition.  That creates D-E-M-A-N-D.  And then follows the $$$$$.

See a need, fill a need!  Wow, I’m full of movie references today!

Ever see the movie Robots?  If you’re an inventor/innovator/entrepreneur, you should watch it.  It totally inspires you to get out there and find ways to make the world a better place!  Seriously!  How apropos for a kiddie flick.

Courtesy of Wikipedia

Courtesy of Wikipedia

My idea is fabulous because it is a game-changer!  It’s disruptive!  I had my “ah-ha” moment.  And it was AWESOME!

There has to be an observed need for an idea to gain traction.  And it can’t just exist solely for your own personal purposes.  You have to solve for pain points of the masses.  Making your own life less complicated is nice in theory but it won’t earn you any awards.  Think BIGGER!!!!

Ask the question – can my idea make lives easier?  If so, HOW?  That’s all part of the value prop, too.  And if there’s perceived value, there’s perceived benefit, both worthy of serious financial gains!

It’s such an exciting prospect…to smash out of the box (I’m imagining the Hulk now, kiddies are watching The Avengers).  But make yourself a promise…absolutely love the idea because if you don’t, nobody else will.

 

%d bloggers like this: