The Right Idea For The Right Industry
I’ve been looking for my next business move and/or companies to start. I’ve brainstormed a few ideas about the industry. In fact, I was sitting down with a co-worker a few months ago and he asked why I had not made a move yet. He said, “Is it time? Is it money?” I said, “Nope. It’s the idea. I have not found the right idea. I’m much more cautious now after failing and having picked the wrong partners in the past.”
Innovating An Age Old Industry
I listen to a lot of podcasts and I read a lot of books through Audible. You know this from reading my blog. Finding a need has become more and more apparent in the success of innovating a market and revolutionizing an arena to which we are already accustomed. that I have or finding an industry that is old that has not had a lot of technology. I heard a podcast by Tim Ferriss. He spoke with a guest named Adam Robinson about the ball bearings industry. That got me thinking about other very old industries.
Take a look at Uber and Lyft. The taxi industry hasn’t changed in 50 or 60 years. Then Uber and Lyft came in and just flipped them upside down. Even in the music industry, you used to have to buy physical CDs or go to concerts to hear the music. Now you have Pandora and you have YouTube. What industry is like that? I think about making pencils or making sewing machines or what other very industrial non-competitive markets are still open.
Fulfilling A Need Is Key
To summarize, it comes down to those two needs. Either the needs that I have or what is very old school and in a non-tech industry and could be advanced by technology.
Going back to my co-worker, I just haven’t found the right idea and I’m much more cautious with the partners that I choose. That’s why I have not yet started a new company.