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How do you get rich? It’s a question that literally every single person on the planet has pondered and yet few people actually seem to pull it off. There are an abundance of seminars and classes, online trainings and “systems” for sale but the answer is painfully obvious. If you identify a need and fill it for people, odds are you’ll create wealth. The end. It all sounds simple but far too many entrepreneurs are missing the mark.
Many people are focused on building a business based on their passion or vision. While it’s commendable to follow your heart, it doesn’t necessarily translate to dollars. You might be passionate about polishing rocks but there may not be a huge market for people willing to buy those rocks. You may be determined to build a park for people to bring their pet iguanas but perhaps your city doesn’t have a huge number of iguana owners in search of recreational spaces for their pets. If you want people to spend their money with you, it’s best to focus on finding what their needs are and catering to them. Period.
“Need” can be defined in various ways and for many consumers, their needs might be felt but not clearly defined, as yet. For example, before Uber launched, people weren’t actively expressing desire for a rideshare service that they could use from their mobile phone. The founders of the company, however, saw a glaring problem in the market and built a platform that would solve it. In other words, the founders of Uber helped consumers find a solution to their felt problem that they didn’t know was possible. Surely, enterprising and observant Black entrepreneurs can do the same.
Money is tight for consumers but they will always pay for what they need. It may take time, intense observation and having conversations with strangers and friend alike, but you must find the need. Some consumers know what they need and can articulate it. In other cases, the consumer has a need and wants a solution but they just can’t explain it, just yet; it’s up to the entrepreneur to create the solution, before the consumer can articulate it. You might have a passion and that’s great but ultimately, you need customers. Customers may not fund your passion but they’ll pay to service their needs.
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