As I’ve been thinking about the creation of a new venture, I began to see a few verticals define a large majority (but not all) businesses. This has given me avenues to consider that I may have passed on in the past. I personally tend to always start in (2), focusing on a need that I have. However, just being able to see these verticals fleshed out, has helped me challenge my assumptions and push my mind in new directions. I’d also like to be clear that while (3) is powerful, I would personally consider it a dangerous if not immoral starting proposition. (3) is still listed here because its true and its a solid danger sign to watch out for as your business pivots down the road.
Your new business:
- Makes people feel cool, good, appeals to their vanity (Oakley, Tesla, Apple, Entertainment, Fashion, etc)
- Fills a need and customers will pay for (Uber, Utilities, Car industry, AWS, SaaS, etc.)
- Takes advantage of people’s emotions (Casinos, Lottery, and in some cases religion)**
** I do not advocate this one, it is simply here for reference