Okay, let’s talk a little about the concept of a need or a want in entrepreneurship.
We’ll in general the entrepreneur is looking for a need, a want, a desire of the customer.
Sometimes it's framed in terms of the hurt or pain that you’re trying to solve for
the customers client or end user.
In that way if you can identify that hurt pain want whatever if you can alleviate that
fulfills it or figure out a way to make it less burden some to the customers client or
end user.
Then you have created a value proposition.
Creating a business to deliver that value proposition is the essence of entrepreneurship.
An idea or concept with a strong enough value proposition towards the customer or client
is going to have a high level of priority.
It's going to be want it or need it by that end user and therefore you will be able to
charge money or transmit the desired amount of value that you’re pursuing in the entrepreneur
or venture.
So, with that being said and determining whether our hurt, need or want exist.
Generally that is the focus of market research to determine either what is the new want of
the individual or what is the hurt or pain?
I often ask my entrepreneurship students.
Is it better to fulfill a want of a potential end user or customer?
Or is it better to fulfill a need?
We’ll here’s the issue generally needs have already been fulfilled.
Were here, were all living, sustained and relatively happy.
Our needs have been meet to a certain extent.
Now if you think back on the academic literature of individuals needs.
And you think of mass loads hierarchy that at the bottom we all need food, shelter, water,
etcetera.
And at the very top we want self actualization.
We want to either some sense of fulfillment that we’re -- that we've done something
good for the world that we’re respected by others etcetera.
This higher level needs this are the things that generally convert to wants rather than
needs, the idea that we want to express our self more fully, that we want to stay in contact
with others.
This was bad news behind social media platforms like Twitter and Facebook.
This are wants of individuals to more fully express themselves or just stay in contact
with others versus needs you can think of milk.
We all need something to drink.
Milk is one of these products that nourishes us.
So, nourishment has been meet for a long time.
There are lots of suppliers in that game in the market and that pushes prices down and
it makes the market more competitive when a have load of margin, more competitors.
It's very difficult to break in to that market and be successful.
Well in the other end wants generally come about everyday sometimes we don’t even realize
we have the want until we see something that fulfills it or gives rise to that want within
us.
Think about the iPhone did we know we wanted something that has all of that functionality
in the palm of our hands.
Think about the evolution of apps for the iPhone.
If we realize that it was such a value proposition to us to be up to just with the push of a
button on our smart screen to be able to access whatever content is behind the app.
So, when you are looking at an idea, a concept to determine if it's an opportunity you’re
going to examine whether it is a need or it is a want because that affects the level of
competition and priority of the individuals in needing or wanting that.
Well here’s the downside to a want above the need.
A want you generally have to create awareness through marketing.
Now that generally takes a lot of time effort in work.
There are exceptions give you an example.
The company spanks was able to spread without a great deal of marketing effort where other
companies have to spend massive amounts of time energy and money on marketing to make
the end user aware of there products.
So, it will continue sales or sales growth.
So, in that way generally wants you have to introduce to the public you have to make them
aware of it.
You have to demonstrate the value proposition were needs far less so.
So, while it's not always more than official to sounds for our fulfill a need versus a
want or vice versa.
Both have resounding qualities that you’re trying to look forward.
And in any situation you’re trying employ a strategy that creates a value proposition
for the end user that in some way either differentiate its self or competes in each market among
the other needs and wants.
So, start with asking yourself these questions.
Is my product idea or service is it a need or is it a want?
What is the level of priority for that need or want?
Why do people want it?
What would be the hurdles that I have to ever come to make people aware of it or what will
be the hurdles that I have to overcome to enter in to this market?
Why is it different from the goods product, services, etcetera that already somehow satisfy
this need or want?
How is it differentiated?
These are the questions that you’re going to explore about the need or want that you’re
resolving or fulfilling for the customer.
And if you can effectively do that in light of all the circumstances that surround that
need or want.
Then you can build an effective business venture.
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