How to find an idea for a business? Get the wallets!

Looking for a business idea? This is actually quite simple. First of all, you need to learn how to find the void markets and pay attention to them. Stanford University professor Tina Seelig developed the following exercise

Participants are asked to get their wallets. Then they are split in pairs and tell each other about their wallets. They discuss what they love or hate, or talk about how to use them when shopping and for storing documents.

Most people who use wallets are more or less annoyed by the limitations of this item. Therefore, after the end of the interview, each of the participants begins to create a new wallet design for his "client" interlocutor. At the disposal of the designer there are only simple items: paper, duct tape, markers, scissors, paper clips and the like. Buyers like new concepts, and they often say that if such a wallet were on sale, they would definitely buy it.

This exercise allows you to get a lot of lessons. First, the wallet is a symbol that problems can be found everywhere, even in your own pocket.

Secondly, only minor efforts may be required to solve these problems. People are usually happy to tell you about their problems.

Third, simple solutions can be found through uncomplicated experiments. They do not require a significant amount of work, nor resources, nor time. And even if you fail, your costs are minimal. And all you need to do is just start over.

Look for more secrets from Stanford in Tina Seelig's Do It Yourself book.

Tina Silig's Do It Yourself book