There are 4 different types of businesses that you need to understand to help create a productocracy.
1) Things that people DON'T want and DON'T need
These are the businesses that offer no value and solve no problems. Another fitness blog, another dropshipping website. You will struggle to find success here.
2) Things that people DO want but DON'T need.
These are the fads and trends like the fidget spinner, or the hover board. While you may find success here, it will often be short lived.
3) Things that people DON'T want but DO need.
These are the must haves like car insurance, or gasoline. These types of businesses you will often find that people will go for the cheapest option. It can be a race to the bottom.
4) Things that people DO want and DO need.
This is where you want to be to create a productocracy.
If you offer people something they both want and need, you will have no problem selling it.
To find these businesses you first find the industry, then figure out how to stand out from the competition. You don't need some never been done idea to create a productocracy. You just need to add value and stand out where you know there is already demand that is both WANTED and NEEDED.
1) Things that people DON'T want and DON'T need
These are the businesses that offer no value and solve no problems. Another fitness blog, another dropshipping website. You will struggle to find success here.
2) Things that people DO want but DON'T need.
These are the fads and trends like the fidget spinner, or the hover board. While you may find success here, it will often be short lived.
3) Things that people DON'T want but DO need.
These are the must haves like car insurance, or gasoline. These types of businesses you will often find that people will go for the cheapest option. It can be a race to the bottom.
4) Things that people DO want and DO need.
This is where you want to be to create a productocracy.
If you offer people something they both want and need, you will have no problem selling it.
To find these businesses you first find the industry, then figure out how to stand out from the competition. You don't need some never been done idea to create a productocracy. You just need to add value and stand out where you know there is already demand that is both WANTED and NEEDED.
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