What You Have That Warren Buffet Doesn’t
Posted on 01. Jan, 2011 by mike in Business
“If Warren Buffet owned and wrote articles for this site (Minor Wealth) he would most likely fail.”
It may come as a surprise but the above statement is certainly true, not just for Warren Buffet but for any billionaire. It has nothing to do with me being some sort of web design god or because I have the writing talents of a bestselling author (believe me I am horrible at web design and writing) but because I have something that Warren Buffet doesn’t. Something that you have too!
What is this secret weapon that Billionaire’s don’t have?
I know you are probably thinking “What could I have that a billionaire like Warren Buffet doesn’t and how does it give me an advantage?” The answer is easy, your youth! If you’re in the target age of this site then you are between 10 and 18, which means you are still in your youth. You have knowledge that adults don’t have about your age group. This is something Warren Buffet (or any other adult for that matter) doesn’t have, and will never have!
Why is this Important?
Being young means you know exactly what kids your age want without needing to do any research. That’s right no research what so ever! All you need to do is find something that you and your friends want that doesn’t already exist. This can be a product or a service that tailors to the needs of your age group. If you can successfully do this then you have a profitable niche business!
How can you find this niche business?
Great business ideas aren’t as hard to come up with as some make it seem, but they aren’t exactly easy either. In order to come up with a remarkable business idea you need to make a list of all the things you get annoyed about, all the inconveniences, problems and products that should exist but don’t that would make life easier or more fun. This list can be of anything, if you hate how your hands freeze while holding a milk shake, then write it down. If you wish there was a snowboard with a built-in radio, then write it down. No idea is too stupid to be written down, just remember that very few of the ideas you write down will be put into action.
What to do with this list
Once you have a list with at least ten ideas written down, tell your friends about your ideas. Only tell friends that are around your age, are very trust worthy and are smart. Why smart? Because if your friend isn’t smart then they probably won’t have anything to contribute and even if they are trustworthy they might leak your idea without realizing it. Ask your friends, that meet this criteria, for feedback on the following…
- Do they know of a similar business/product (there is no point in interfering with a company who already built a customer base)?
- Do they feel that your idea is something they would also want or use?
- How profitable they think the idea is?
- How easy it is to start, i.e. do you need a factory, or can you do it from home?
- Do they see any major flaws in your idea?
The feedback your friends give you is crucial. Take everything they say into consideration and use it to eliminate ideas that won’t work. When you have only a few ideas remaining, pick the one you are most passionate about.
You have an idea, now put it into action!
It is one thing to have a great business idea, but what really matters is putting it into action. This is so important I don’t have the words to express it. Without putting your plan into action you are no better off than the next guy! Modern day billion dollar businesses didn’t make any money until they put their plan into action, which means doing some work and dishing out some money. It can be scary to risk money but you have to remember that the ends will hopefully justify the means.
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