How To Identify A Money Making Idea: Exploiting Trend
If you have ever wondered how you could easily be able to identify a business idea and be in the forefront of making tons of money before anyone else, then you should sharpen your skill for observing and understanding the trend going on in your society.
Every society is dynamic as the basic nature of human beings is to continually move towards a state where their lives are easier, fun and more comfortable. Therefore, with the coming of more knowledge, higher technology, and influence of foreign media, it is common to find a significant group or class of people beginning to think and act along a particular direction different from what used to be.
While a lot of people would try to resist or disregard trend, which can occur in any area of life in a society, discerning entrepreneurs would rather see it as a big opportunity to make real money.
The money making opportunity arises from the fact that as a trend begins to take place, peopleâ€™s values and needs will start changing also. And for the smart entrepreneur who could see the trend and conceive an idea to provide solution for the new needs, itâ€™s a great opportunity to make huge pile of money.
This was exactly how Chad Hurley and Steve Chen created YouTube and created great wealth for themselves.
The two friends met at PayPal where they were employees. Chad was a brilliant graphic designer who designed the famous PayPal logo while Steve worked as the companyâ€™s computer scientist. The two became close because of their common interest in owning a business, which saw them usually discussing business ideas.
But the idea that really struck them came in 2005 after they had left PayPal when eBay bought it over. It was in January of 2005 at a friendâ€™s dinner party in San Francisco. Chad and Steve had taking some digital videos of the event and hoped to share it with each other the following day.
However, they were disappointed to realize that because the video files were too bulky to be sent by email, and also too slow to be uploaded online, there was no convenient means of sharing them with each other and with other people. This disappointment soon became a blessing for Chan and Steve as they saw the enormous money making opportunity in the situation â€“ a business idea was conceived.
Thinking deeper about the business idea of providing a simple and usable platform for people to post and share their videos online, the duo knew immediately they had hit a goldmine â€“ they had found the proverbial money tree.
The timing for such business was just right. It was in an age [which we are still in] where simple things that people use in their day to day life have digital video cameras, e.g., mobile phone, thereby making it easy and fun for them to record their cherished events, which they equally love to share with friends.
In addition to the timing of the business idea, other factors that made the idea a no-doubt money spinning possibility were the growth of online social networks and the lower cost of bandwidth.
Propelled by these green lights that the idea would indeed work and generate great wealth for them, Chad and Steve set to work in February that year, and ten months later YouTube was launched. And just as the two entrepreneurs had envisaged, YouTubeâ€™s growth and success was phenomena. Only a year later after its launch, that is, October 2006 to be precise, YouTube was bought by Google for $1.65 billion.
It was awesome, $1.65 billion! Who could have thought that a simple idea conceived from noticing the trend, especially amongst youths, in taking digital videos of events and desiring to share them with other people, could fetch anyone such huge amount of money in such a short time.
Like I did state earlier, there are always trends going on in different areas in every society, from which you can land a business idea that could make you great money. So be on the lookout!
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