Ask HN: How to Identify a Need in the Market? I'm planning to venture out on my own but I simply don't understand what to build. It seems like everything that could be done with software has been done. How can I know "what" to build? |
Ask HN: How to Identify a Need in the Market? I'm planning to venture out on my own but I simply don't understand what to build. It seems like everything that could be done with software has been done. How can I know "what" to build? |
Dane Maxwell teaches/uses a concept called Idea Extraction:
1. Pick a niche.
2. Contact that niche and let them tell you the pains worth solving.
Idea Extraction is a form of market research, which is important to ensure you don't build something no one wants to buy.
However, I would argue marketing/sales is more important than the idea itself. You can make money selling products/services that already exist; no need to build something new!
For example, one common mistake is to start marketing after your product is completed; you should start marketing even before you begin development!
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Amy Hoy teaches a similar concept, which she calls "Sales Safari:" https://shop.stackingthebricks.com/sales-safari-101
(Also take a look at the full course: https://30x500.com)
This implies you think selling something "new/different" will be easier to sell. But that might not be true.
- Competition is good because it validates the product/service. It means there is a market and people are buying already.
- "New" things will also have competition (in a different form). Your prospects will likely already have a product/method for accomplishing the thing your product/service provides. For example an air conditioner doesn't just compete with other air conditioners. They must also compete with other ways of cooling like fans or even water.
At scale, if you're looking for a big paycheck, what you want to put in the diagram is "nation building" - something that furthers the kinds of goals that governments or the powerful people behind them will pay for. A lot of things that build nations seem like they have to cost a lot and involve lots of capital, but that simultaneously indicates a place for technology to disrupt the dependencies involved, usually by automating, and usually by automating a higher level of quality, not speed or quantity. It's hard to get any right answers, easy to get wrong ones quickly.
On the other hand, there are already plenty of established markets with a healthy amount of competition. A plumber doesn't have to worry about coming up with new ideas. Neither does someone creating and maintaining websites for restaurants. Or ERP consultants. Or process automation engineers.
Then keep planning until you have so many possibilities that you would never be able to accomplish it all.
After that the difficult part will be if you can pick only one of the promising things you know are great, and put major effort in that single direction.
Don't start building until you understand what problem are you solving.
It's easier said than done, that's why so many businesses fail.
A great book on the subject: https://www.momtestbook.com/
Generally you either need deep expertise in some business domain, or you have an idea that you think other people will benefit from.
I imagine they target far and wide it's just I only have to see ads on youtube because that's where I like to get my content.