If you need to make some money very quickly, what would you do? Your answer points to the kind of problems you can solve. They give you some measure of confidence and hope.
Exercise: Gold Rush
TO FIND A GOLD RUSH, DON'T THINK DIFFERENT, THINK BORING
A lot of people get stuck in the search for a "big idea." But as you saw in Chapter 5, you don't necessarily need a big idea to make big profits. You need a helpful idea. Consider the guy who invented the cupholder. Granted, it's not as sexy as making the latest smartphone model. But if you're driving along with a beverage, that cupholder sure comes in handy.
Consider as well some of the examples you've seen in this chapter. Harry Campbell, the ride-share guy, provided profitable tips to new drivers seeking to be more effective. Mike Hallatt founded Pirate Joe's in Canada to import specialty groceries that he knew there was a market for. Again, being helpful is the highest value.
These qualities are good signs of a potential gold rush:
- A big, untapped market
- A new technology or advancement that a lot of people don't know how to use or participate in
- Confusion or uncertainty over how to participate in the new thing
- Something people want but can't get ("illegal" groceries from across the border)
- Something that is perceived as scarce or involves FOMO (the fear of missing out)
Remember, always strive to meet needs and solve problems. Also, when you find a possible gold rush, strike at once.
"BORN FOR THIS", page. 160
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