When most people try to start a business, this is the way they think and act. They come up with a product and then look for those that will buy the product.
For example, Mr A decides to sell office furniture. He finds some suppliers abroad and strikes a deal with them. He then sets up his shop and begins to look for customers.
Or Miss B decides to sell jewelry. She jets off to Dubai and orders lots of quality jewelry. She rents a shop and begins to network and advertise.
The scenarios above is how “normal” entrepreneurs think. But that is not how I think! That is not how I do business. I believe it is too risky. What if people do not patronize me? I want something guaranteed. Let me tell you how I do mine.
I decide on what to sell only AFTER I have seen a market that wants to buy. Rather than create a product and look for customers, I discover customers (markets) and then create a product or service for that market.
I am not in love with any kind of business or service. I am in love with the market. I will sell anything (legal) that will satisfy that market.
Let me make an illustration.
Because I operate in the sports betting industry, and the fact that it is a rapidly developing sector, I know that I (and other operators) regularly buy some kinds of products. Some of them are not readily available all the time. An example is the thermal receipt printer. We use them a lot. This year alone, I have bought over 300. In fact, one of the reasons why I went to China last year was because of it.
Because I have seen this market, I can decide to create a business that supplies printers, computers, UPS, TVs and so on to the sports betting industry. I do not need to sweat over customers. I already know the operators. I already know their wants. All I have to do is fill it.
Am I making sense?
This is what the late Gary Halbert calls the “starving crowd concept”. Gary asked that if you want to open a restaurant, what special advantage will you ask for over your competitors? Most people said the best location, the best recipe, the best staff etc etc. Gary Halbert said he wants only one thing. That thing is… A Starving Crowd.
Let me give you a personal example
In 2007, I created an information manual titled “How to make money betting on football”. It sold like hot cake. I made millions and millions selling it. In the manual, I explained how one can register with foreign betting websites and how to run it. Most of those that bought the manual called me back to assist them in setting up a betting account with foreign bookies.
Then I Saw The Market.
I created Nigeria’s first sports betting website and started directing all these people to it. You can see I did not create it first before looking for the customers. No. I saw the customers first before I created the business.
Na so e suppose be.
I hope this helps someone! You can leave your comments beloow