Have you ever started a business that failed?
I believe many of us thought we were doing something unique, but got caught up as a me too business.
Because most industries are commoditized and competitive, how do you create new value?
Something that will work.
It seems to come down to identifying what you’re uniquely qualified to offer the world.
Something you’re passionate about, that you’d do if you didn’t get paid, and doing it differently than it’s ever been done before.
Let’s look at some examples.
When Uber created new value in the transportation industry, what was special about it?
Well, I think they solved the problem of cabbing from places where taxis don’t pick up, they created new jobs, untapped the ability for third parties to make money in their spare time or full time, and much more.
They addressed taxi problems because they are expensive, often smelly, and communication with the driver sucks.
In fact, if you lost your phone in the taxi, you’d be lucky to get it back. This isn’t the case with Uber as the rating service allows the customer to rate and rank drivers.
This ultimately allowed Uber corporate to know who should get more rides and who should not.
Let’s take a look at another company.
AirBNB addressed the fact that traveling to unique places was often expensive and scary.
But with local families serving as super hosts, AirBNB allowed the customer to feel safe, unlock cheaper rates than hotels, and see which hosts are worth their time through a rating service.
These two examples of the sharing economy unlocked hidden value in a differentiated way… allowing billion dollar industries to surface.
I ask for you to think the same.
What is a problem you see that you’re uniquely qualified to solve.
A problem nobodies looking at.
How can you start?
How can you build a business that would serve the customers experiencing that problem?
Start small. Dominate. And sequence new offerings from there.