The most viable and survivable businesses are the ones that meet the basic needs

Every generation needs a revolution - an entrepreneurial revolution

Looking for a business to put up?  Look no further.  Find the basic needs that are insufficiently met, or where there are gaps in the processes and customer satisfaction in your micro market.   Avoid high tech businesses that you know little of and those endorsed by gurus.

Go back to the Needs, and the basic:   food, shelter, safety and security, biological needs.  

For those in wants:   you are fighting in a specialized tightly niched markets and unless you know very well the practices  you can fail.   Unless you are meticulous, hard driving and focussed.

So what are those businesses:

1.  Food -  service, delivery, producing, processing, retail

2.  Shelter -  housing rental properties,, hostels,  - thus real estate

3.  Finances -  lending, savings, investment, insurance

Why do people buy? Distinction between wants and needs

Every generation needs a revolution - an entrepreneurial revolution

Why do people buy?

1.  Is it due to wants or needs?

     Needs are basic:   biological, food, shelter, self actualization

     Wants are minute distinction in needs.  It is an area where marketers work

2   People buy because  of

    1. Emotion  not logic.   Because of pride, anger, jealousy, avarice

    2.  Scarcity  --  last one, limited time, limited stock, offer  -- thus we hoard, stockpile

    3.  Threat  - safety of family, home, during typhoon, earthquake, medical emergencies, death

    4.  Authority -  experts say, Professor So and so endorsed   endorsed by Pamet

Why did you buy something?  Did anyone of these affect your buying decision