As an entrepreneur it is often too easy to overlook the obvious.
Yesterday someone brought up the cash wallet Dave Ramsey “created” as part of his offerings.
He basically took the envelope system our grandmothers and great grandmothers have been using since before he was born, mixed it with the coupon organizers that were so popular at the time, and created a cash cow for his business.
One of the most popular ways to find a “winning” idea is to take two things that make people’s lives better and fuse them into a new product.
Uber took the taxi model and fused it with personal vehicles.
Netflix combined video rentals with the internet.
Steve Jobs fused the computer and telephone to create the iphone.
Someone once had the idea to combine a disc, which can easily roll along the earth, with a piece of wood (axle) to hold the discs together, and a box to create the first cart.
And these ideas are not limited to physical products and business models. Services and processes can also be your inspiration.
Imagine how you could change the world just by combining two or three common items into something new. Then be sure to trademark and/or copywrite your creation to protect yourself.
This is how millionaires are made during recessions. Netflix, Microsoft, Airbnb, MTV, and GE were all started during recessions. Let your imagination fly and see where it takes you. Instead of worrying about keeping up with inflation, your could be celebrating your success.
If you liked this post and would enjoy seeing more posts like this, please email me if you would like to participate in my current research. I am looking for successful female entrepreneurs who are determined to crush it during the expected upcoming recession. In exchange for 15-20 minutes of your time, I will send you a gift card.