Solve a Problem, Make a Million

Solve a Problem, Make a million
By Paul Herbig

Who wants to be a millionaire? From the huge success of the game show of the same name to the increasing purchase of lottery tickets, it seems nearly everyone has that goal in mind. Perusing the global billionaires, one finds many that were rags to riches stories: Bill Gates, Sam Walton, Michael Dell, just to name a few. Those and others like those are the ones we wish to emulate (at least in earning power if not in lifestyle). The only question left is: how to do it? What is the secret to making money and becoming a success?

The secret is not as complex as one would initially imagine. Reviewing some of the classic business success stories of all times should provide ample clues. The founder of Holiday Inn and the modern motel industry started the chain because he did not like the dirty, non-family friendly motels that existed at the time. Polaroid’s instant photography was developed because the founder’s daughter asked him why she couldn’t see her picture right away? The original Macintosh with its cursor and icons was an instant success, later copied and standardized in the PC world because of the difficulty working with the original PCs. Fred Smith started Federal Express because there was no way to ship letters or packages quickly.

In all these cases, a problem existed. No doubt Holiday Inn’s founder was not the first to complain about the unkempt conditions of roadside inns during the first half of the 20th century. Countless others from the cavemen on down would have liked to have seen their pictures or images immediately. And on and on and on. No, many others before them had seen the problem, either complained about it or just shrugged it off and continued on their own business, putting it down as just part of life that must be tolerated.

The difference between all others and these innovators was not only did they identify the problem, they saw the solution and worked for years sometimes to find a way to solve the problem. They viewed the problem not as a permanent bother (much like a pothole in the street everyone knows is there and day after day travels smoothly around it), but as an opportunity, a need in the market for the solution. To them, solving the problem was just a way to fulfill a need, perhaps one not loudly spoken, but a need nonetheless. Once the need was fulfilled, the rest, as they say, is history.

Examine most billionaires or millionaires and you will find that same pattern. A problem was observed, found wanting, and an entrepreneur sought a solution to that problem that would be marketable. Domino’s founder understood that when many people wanted pizza, they wanted it now and did not want to wait an hour or go out to get it. He thought pizzas that could be delivered quickly (remember the slogan: thirty minutes or less or it’s on us!) would solve that problem and that many people would pay for the solution. He was right, billions of pizzas later and hundreds of millions of dollars in his pocket.

So, do you want to be a millionaire? No, you don’t have to wrangle a way onto Regis’ show and answer 10 straight questions right. No, you don’t have to wait until the powerball gets to $260 million and hope your 80 million to one chance works out. And no, you don’t have to wait for Ed McMan to hand over your Publisher’s Sweepstakes check. No, it is possible. All you have to do is to identify a problem and solve it and then market to all those others who have the same problem but did not have the wherewithal to find a solution and will pay you princely to solve it for them. And then your name will be up there with the Walton, Dell, and Gates.