11b, Reverend Ogunbiyi Street, GRA, Ikeja, Lagos

WHAT PROBLEM DOES YOUR BUSINESS SOLVE?

When you want to start up a successful business, the first step you need to take is to look around your environment and fish for problems there that need to be solved.

The Five Core Needs of Human Beings

According to Josh Kaufmann in his book ‘’The Personal MBA’’, human beings have five core drives or needs that influence their decisions and actions: You can build a business around meeting these human needs and earn profits from it.

  1. The Need to Acquire: This is the human need to collect and possess physical objects, including intangible things like power, position and influence.

Examples of businesses that meet this need include retail, investment brokerages, and political consulting companies.

  1. The Need to Bond: This is the human need to feel valued, loved and wanted in relationships with other people, either romantic or platonic.

Examples of businesses built to meet this need are dating-link-up services and fashion houses.

  1. The Need to Learn: This is the human need to satisfy curiosity.

Examples of businesses built to meet this need are news stations, blogs, academic programs, book publishers, and training workshops.

  1. The Need to Defend: This is the inherent human desire to protect ourselves and all that we hold dear.

Examples of businesses built to meet this need are insurance services, alarm systems, martial arts trainings and legal services.

  1. The Need to Feel: This is human desire to feel pleasurable new sensations and have intense emotional experiences.

Examples of businesses built to meet this need are restaurants, cinemas, game arcades, musical concerts and sporting events.

Whenever there’s a need that needs to be met or a problem that needs to be solved, markets will be created to solve that need.

If your business can cater to a lot of problems at the same time, and can provide solutions that cut across more than one of these basic human needs, the better its chances of expansion.

The clearer you are about what needs your product or service can solve, the more attractive your business looks to people.

So, what problem does your business solve?

Related Posts

This site uses Akismet to reduce spam. Learn how your comment data is processed.

%d bloggers like this: