What is a necessity entrepreneur?
A necessity entrepreneur is someone who starts a business that fills a necessity and solves a problem.
Now, you may be thinking that we can’t all be entrepreneurs, that we need to know how to code, or that we need to be the next Mark Zuckerberg.
But the truth is, most entrepreneurs don’t fit the stereotype.
In fact, you don’t even need a business idea to become a necessity entrepreneur.
What is a necessity entrepreneur?
Well, it’s someone who learns how to make a product to solve a problem.
It’s someone who starts a business to solve a problem that they’ve faced in their daily life.
And it’s someone who chooses to create a product that solves a problem that is common in society.
It’s really as simple as that.
To become a necessity entrepreneur, there are a few things to keep in mind.
What is a necessity?
Well, the word “need” can mean a lot of different things.
For instance, in business, a “need” is what a company needs to make money and survive.
But the word “need” can also be more abstract.
For example, let’s say you’re holding a yoga class for children in a kindergarten and you’re having a hard time finding yoga teachers to teach them.
That’s a kind of need that most people could relate to.
Why are necessity entrepreneurs successful?
Here are the 3 main characteristics of a necessity entrepreneur:
They have a business idea.
They’ve spent a lot of time researching their business idea.
They have a defined market that’s unmet.
In this post, we’ll go over each of these attributes in detail, so you can have a better understanding of what it takes to be a necessity entrepreneur.
But first, let’s discuss the actual business model of a necessity entrepreneur.
What is a business model?
A business model is the overall structure of a company, which consists of the mission, target customers, key performance indicators (KPIs), and a business structure.
Necessity entrepreneurs fill a need
Take Carolyn Jones, for example.
Carolyn is a 17-year-old student at the High School of Professional Studies in San Antonio.
She started a business selling ornaments for her high school graduation present and had the idea on her way to school.
“I came up with it one morning,” Carolyn says. “I was driving to school and thinking, ‘What can I possibly get my friends and family that they won’t expect me to get them?’”
She spent most of the morning thinking about the best possible gifts and presents she could give her family and friends for Christmas. She had to get them done in one shot because she was flying home for Christmas the next day.
Necessity entrepreneurs know their market
People have to be hungry.
The problems have to be big enough for everyone to be affected.
There has to be a clear market opportunity.
All of the preceding is true. You don’t need to have a clear market opportunity to become a necessity entrepreneur.
Most people don’t have the type of problem that you need to solve to become a necessity entrepreneur.
But most people are trying to do something that doesn’t currently exist.
What made these companies great?
First, they identified a need in the market. The need was for a person to order food when they are already hungry and have somewhere else to eat it.
Second, they have the financial resources to provide a service to this problem.
What does it take to become a necessity entrepreneur?
The answer is very simple.
It’s all about being passionate.
When you love what you do, you’re going to be much more willing to endure long hours and go the extra mile for your business.
Think about your current job. Does it make you happy? If not, is it because you don’t love your job? If the answer is yes, then maybe it’s time to change jobs.
Now, it’s not easy to know what kind of job will make you happy. But the same goes for being a necessity entrepreneur.
You need to understand your passion and what you are passionate about, and then find a job that aligns with it.
You can learn more about what it takes to become a necessity entrepreneur here.
Now, while you don’t have to start a business to become a necessity entrepreneur, it’s always good to have one.
Example of necessity entrepreneurship
According to the the Chicago Tribune, nearly 60% of homes in the United States are more than 25 years old and 42% of the homes in the U.S. are more than 50 years old.
Homeowners are often concerned about the deteriorating condition of their homes, even if it means they are required to spend money to maintain it. This makes home improvement businesses an easy necessity business.
This means that homeowners can spend money on their home and enjoy it as well. And homeowners can enjoy it because they do the work themselves.
You can also grow this need by adding elements of convenience.
2. People who lack access to toilet paper
You probably won’t find toilet paper on every street corner. However, if there is a shortage of toilet paper, it would probably be a big problem.