Creating value in the "new economy"

[AndrewKent]

I've been thinking about this for a long time now, and MJ's most recent video blog today really put my ideas on the spot (don't chase money, create value).

How do we create value in the "new economy" that we face? Where do the opportunities lie?

You see, I read a lot about tech startups making a bagillion dollars, sometimes with flimsy concepts. I can't help but think that we're in some kind of strange tech bubble right now (or again, I suppose).

For instance, is that "productivity" app for yoga instructors or some other niche market really adding value to the point that it's genuinely serving the market, or is it just some fad that's sure to pass (and crash?).

I'm really getting sick of Entrepreneur Magazine featuring young entrepreneurs that make a killing selling iPhone apps that record your voice, auto tune it, and put it to your favorite hip hop song. I don't have anything against them making money. Hell, I'm happy for them. And I know it creates an short, pleasant experience that's valued by the consumer, but I just don't feel comfortable betting my future on selling short, pleasant experiences. Not in times like these anyway.

Where's the REAL goddamn value?

Here's my two cents (if that): Let's face it, the U.S. is waning. Deficits, debt, devalued currency, Ben Bernanke, blah blah blah. We're broke and there's no one big enough to bail us out at the end of the day.

BUT, therein lies some opportunity.

For instance:

Families will consolidate. Multigenerational households will become common. You already see this with graduates and new families moving back in with their parents at higher rates each year because they can't get jobs. --> Opportunities for services targeted to larger, multigenerational families.

Entitlement programs will have to face austerity -- Medicaid, Medicare, food stamps, Social Security, etc. This will lead to some social unrest, which might just be isolated or regional, but you never know. --> Opportunities in personal and home safety/security, asset protection products/services, etc.

Food prices are already skyrocketing. 30% PER YEAR in some categories. --> Opportunities in small scale agriculture, home gardening, etc.

Business will likely flow to other parts of the world with any sustained decline/stagnation in U.S. markets. Most of the developing world is growing much faster than the U.S. --> Opportunities for the multi-lingual and internationally connected and focused businesses.


These are just off the top of my head right now. There are many others, I'm sure...healthcare will likely become harder to access. What's an opportunity there?

I don't mean to just paint a doom and gloom picture [but honestly, look at the writing on the wall]. But the best, most enduring business ventures should be able to withstand good times and bad because they add REAL value.

You add value by solving problems.

The way things are going, I think there will be plenty of problems to be solved by crafty entrepreneurs.

What industries do you think have lasting growth potential that will need value added in the next few years?

 

Dislike ads? Become a Fastlane member: Subscribe today and surround yourself with winners and millionaire mentors, not those broke friends who only want to drink beer and play video games. :-)