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Joined 10 months ago
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Cake day: November 18th, 2023

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  • Here’s my two cents: Know how to repair/manufacture something or deliver a service, figure out what problems this know-how can solve, determine if people are willing to pay for that solution, and crunch the numbers if it makes financial sense.

    People here are looking for a good business idea. Guess what? They cannot see it if they don’t know what’s possible to start with. This is where blue collar skills and some knowledge of applied sciences, like engineering, chemistry, and programming, come into play. If you want to sell pizza, you’ll be better off if you know how to make pizzas from scratch.

    The next question is: What problems can this knowledge or skillset solve? You can look around, even in your own life, and see what problems people encounter, and then ask if what you know can solve that problem. If yes, try to make a working prototype.

    The next question is: Are people willing to pay for the solution you came up with? The only way you can know this is by doing it, testing your market, showing your proposed solution to potential customers, asking for feedback, and using people’s feedback to refine your product or service. Here, you will be able gauge potential market demand, how much to charge for the product or service, who your customers will be, etc.

    The last part will be financial in nature as this will require you to have a good idea of what the product cost or cost of service will be. Here, an accountant can guide you.

    Don’t be afraid to know how different products are manufactured or how different services are rendered. This is because this is what will allow you to imagine potential solutions to problems, potential solutions that you can test in the real world.

    When people tell you that the first job of an entrepreneur is to sell, don’t believe them. The first job of an entrepreneur is to find a product to see or a service to provide, and then sell. If you don’t have a product or service to start with, then what are you selling?

    I hope this helps.