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Need stimulation

Discussion in 'Planning Your Business' started by remnant, May 11, 2016.

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  1. remnant

    remnant Member

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    There is an aspect of entrepreneurship that involves creating a need that was not there in the first place. This is based on the fact that successful entrepreneurship starts with the product. For instance, one can create the need for a product that makes ironed clothes stay crisp for longer. Any similar ideas?
     
    VirtualGlobalPhone likes this.
  2. Xerxes

    Xerxes Member

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    Yes, sometimes the "need" is very subjetive. Centuries ago nobody thought about adquiring a personal computer or a smartphone, right now you can't think of anybody living in a modern
    city without those. Who knows which things are going to be invented in the future that would
    be so much required for an average daily life?. Creating a "need" is always a challenge available
    for anyone with the talent to make it a reality.

    Say one can create a need for 3D printed shoes with the right marketing and demography approach for starters.
     
  3. ruener79

    ruener79 Member

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    In this type of entrepreneurship, marketing is very important. The company has to create a marketing strategy or campaign that will tap to people's psyche and make them believe that "this" product is something that they couldn't live without. The very first thing that came to my mind are the social media companies. The Internet has been around for a while, but it was only quite recently that social media 'products' went into full explosion, that they literally swept the whole world. In the past, companies have been content with doing marketing through traditional means such as print advertising, radio and TV commercials. But these days, companies are now told that they cannot compete well if their companies do not have social media presence.
     
  4. VirtualGlobalPhone

    VirtualGlobalPhone Moderator MVP Member

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    The approach is very nice - You narrow focus and see whats happening now!, and how it can be done better or create a whole new way. Patent that work - release a demo - launch it.

    Few i saw is
    "Baby Sleeping Solution" by using mechanized rocking leg for existing baby cot.
    "Siren Key Chain" for girl safety where by removing a pin in the key chain makes a Huge sound and alert all.
    "Mosquito away" where a specific wavelength of sound coming out of a key chain is released which will keep mosquito away around a person.
    etc ..
     
  5. T J Tutor

    T J Tutor Member

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    Some needs may be created, but certainly not all. As for it being a requirement for entrepreneurship, I don't buy into that notion. That element may be present, but I don't feel it is at the core of entrepreneurship in general.

    Entrepreneurship:
    An entrepreneur is someone who organizes, manages, and assumes the risks of a business or enterprise. An entrepreneur is an agent of change. Entrepreneurship is the process of discovering new ways of combining resources.
     
    VirtualGlobalPhone likes this.

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