To any youth reading through this and your parent or guardian is always there for you, please appreciate. It’s not common and it definitely not easy. I know this is probably not a good way to start this article. However, I also intend to create awareness and before writing about being wealthy. I think it’s important to talk to the young millionaires of tomorrow. I chose this approach to inform my readers that almost everything in this world is driven by problems. Being wealthy is no exception. Walk with me as I share this.
While growing up, I wanted to become a neurosurgeon. But, I’m writing blog articles (haha) so the world had other plans for me. I wanted to solve brain-related problems and earn a well-deserved salary while doing it. Of course, my eyes were on the prize back then. But immediate problems deviated my path and here we are.
I’m a first-time dad and committed family man. I’ve learned that with a great family comes great monetary responsibilities. So I began researching how I can make more money and become wealthy. One thing I must admit is that it’s not easy. I spend most of my time reading, researching, and learning because I believe knowledge and wisdom are the greatest assets. I recently came across my greatest breakthrough to wealth and hence this topic for this article. It revolves around problem identification and solution. But let’s check out several things first.
A few months ago, my friend and I started a business. His business had since then progressed to become a thousand-dollar enterprise while mine is struggling through bankruptcy. He focused on service provision where he provides cyber security consultancy. I, on the other hand, focused on product distribution, shipping products from overseas, and selling them locally. My friend had focused on a prevalent problem and opportunity in our society. On the other hand, I pursued my passion seeking to sell products to my friends. But as they say, be careful who you call your friend.
Despite being my friends and sharing similar tastes and preferences, none of my friends bought products from my shop. I spent most of my money on marketing and advertisement but it did not help. While I was making thousands in losses, my friend was making tens of thousands in profits from delivering services. I’m not the jealous type so I asked my friend out for lunch and discuss his company’s model. The key takeaway was that he had focused on solving problems rather than solely appealing to people’s preferences.
This reminded me of an article I had read a few months ago. It entailed identifying opportunities and creating a profitable business and highlighted problems as the backbone of major businesses. After the lunch date, I leaned on the right-hand window of the uber and thought things through as the driver manoeuvred through traffic driving me home. My meeting and thoughts that day led me out of the middle-income bracket. I’m headed toward affording a soft life on the outskirts of the city.
It made me conscious of the society around me and how successful businesses were built on major problems. Uber was built on the opportunity that some people love convenience and luxury. The problem is that most people cannot afford personal vehicles. The founder spotted the opportunity and capitalized on it. My earlier dream of being a highly paid neurosurgeon also focuses on problems associated with the brain. Brain surgery has been considered impossible for many years. Well, until they found medical solutions and monetized them. This is just the tip of the iceberg. There are many problems in society one can focus on to create a business.
Then one evening while watching the news I came across a lady who focused on disposing of trash. Through her business model, she made unimaginable amounts of money while at it. Most people living in the suburbs live within or beyond their means. They often pay for luxuries such as package deliveries and taking the trash out. The fact that one could make millions monthly from taking people’s trash out significantly changed my perception of people and problems in society. People have different kinds of problems in our society. Rather than seeing them as problems, I began seeing them as business ideas and opportunities.
This created the key to making more money and becoming wealthy. Instead of seeing a problem, I now focus on finding solutions and monetizing it.
Last month, I came across my neighbour and his landlord arguing. His internet service provider was unreliable and had cost him a few hundred monthly since he was working from home. My background in Information and Communication Technologies allowed me to do my due diligence. As a result, I had a reliable internet service provider. Instead of sending them to my provider, I increased my bandwidth and shared it with them at a cost. Not only did they pay my subscription but I also made money from this.
From everything, I had identified the most effective way of making money. It entailed identifying problems around you and creating capitalizable solutions without compromising your morals and ethics. I mean have you checked how much exhausters and trash collectors make monthly. In most of these cases, I realized that you don’t need to do the work. Instead, focus on hiring people to do it. It is either an active or passive income stream depending on how you choose to structure it.
The key to making money and being wealthy lies in identifying problems and identifying viable and capitalizable solutions.
Have you ever made money from solving other people’s problems? Please share in the comment section. Do you agree with me? If so, please share this article with friends and follow us on social media (Instagram, Twitter, & Facebook). check out my other article; an introduction to financial planning and empowerment. Until next time, adios.