Money Magnet - Inventory Time (Chapter 11)

Inventory Time

I want you to do an inventory of yourself or your company. I want you to identify what problems you are solving for people. Not problems you think you are solving, but what problems are you really solving for people? You need to be honest or this exercise is a waste of time. Identify the problems you are solving for other people.

Now look at how much money you are making, whether you have a business or you work for somebody else, and ask yourself this question, “Am I solving problems for those people?” If you work for someone else, ask yourself, “Can I easily be replaced? If you can easily be replaced, then you have very little value to your company as a problem solver.

However, if you will look for and solve problems for the company your work for, then you will put yourself in a position where you either cannot easily be replaced, or you are overqualified. In that case, your employer will celebrate you with raises, promotions and recognition.

So take a look at your income. Are the problems you are solving small? Then more than likely you have small income or revenue. The size of the problems you solve will impact the amount of wealth that you can build. You need to understand supply and demand. Where there is a huge demand and a small supply, the price of the supply goes up.

What I am asking you to do is to start looking for a problem that needs a solution. Even if there is a ton of solutions already, maybe there is no one satisfactory solution. What if you used a little creativity and came up with a killer solution? I mean a solution that really works. The demand can go up because you are the only one with that solution, or maybe there is just a handful of others that has a matching solution – the supply becomes very limited so you are able to raise the price and make more money.

You need to identify this. If you do a little investigative work, and I talking about very little work here, you will find a whole lot of problems people need to have solved. You don’t have to go online to do this. You can find them right where you work and live.

Listen to what I am saying. When people have a headache what do they do? They are buying a solution to the problem they have, which is a throbbing pain. What do they reach for? A product that will solve their headache problem. They see the pill in the bottle as the solution.

Sometimes people purchase products or services, not because they have an existing problem, but they don't want to have one! Why do people get alarm systems? They don’t want a theft problem. Why do people put a firewall on their computer? To prevent hackers. It goes back to discovering what people are having problems with and what solutions they are looking for.