Make something people want . . . There’s nothing more valuable than an unmet need that is just becoming fixable. If you find something broken that you can fix for a lot of people, you’ve found a gold mine. — PAUL GRAHAM, COFOUNDER OF Y COMBINATOR, VENTURE CAPITALIST

The following points are not my own but summarized and gathered from few books I've been reading about business.

The Five Parts of Every Business are the basis of every good business idea and business plan.

1. Value Creation — discovering what people need or want, then creating it.
2. Marketing—attracting attention and building demand for what you’ve created.
3. Sales—turning prospective customers into paying customers.
4. Value Delivery—giving your customers what you’ve promised and ensuring that they’re satisfied.
5. Finance—bringing in enough money to keep going and make your effort worthwhile.

The Iron Law of the Market

Every business is fundamentally limited by the size and quality of the market it attempts to serve. The Iron Law of the Market is cold, hard, and unforgiving: if you don’t have a large group of people who want what you have to offer, your chances of building a viable business are very slim.

It's been a while since I've been thinking about creating web3 project on Solana blockchain using Rust. After doodling for a while I finally decided to make it into a reality.

I wanted to start with something simple. Not let my intense vulnerability to rust become any kind of obstacle here.

Core Human Drives

From the book Driven: How Human Nature Shapes Our Choices, all human beings have four Core Human Drives that have a profound influence on our decisions and actions:

1. The Drive to Acquire
2. The Drive to Bond
3. The Drive to Learn
4. The Drive to Defend
5. The Drive to Feel

Whenever a group of people have an unmet need in one or more of these areas, a market will form to satisfy that need. As a result, the more drives your offer connects with, the more attractive it will be to your potential market.

Social Status

Social Status is a universal phenomenon: neurotypical human beings care about what other people think of them and spend a significant amount of energy tracking their relative status compared to other members of their group. When opportunities to increase status appear, most people will seize them. When given a choice between different alternatives, people will choose the option with the highest perceived status.

As a business professional, it’s important to understand that status considerations are present in every level of the Core Human Drives. When you make an offer to a new prospect, they will estimate how your offer will influence their social status. Building Status Signals into your offer is almost always an effective way to increase its appeal to your target market.

Ten Ways to Evaluate a Market

The Ten Ways to Evaluate a Market provide a back-of-the-napkin method you can use to identify the attractiveness of any potential market. Rate each of the ten factors below on a scale of 0 to 10, where 0 is terrible and 10 fantastic. When in doubt, be conservative in your estimate:

1. Urgency
2. Market Size
3. Pricing Potential
4. Cost of Customer Acquisition
5. Cost of Value Delivery
6. Uniqueness of Offer
7. Speed to Market
8. Up-front Investment
9. Upsell Potential
10. Evergreen Potential

When you’re done with your assessment, add up the score. If the score is 50 or below, move on to another idea—there are better places to invest your energy and resources. If the score is 75 or above, you have a very promising idea—full speed ahead. Anything between 50 and 75 has the potential to pay the bills but won’t be a home run without a huge investment of energy and resources.

That’s it for today, see you soon. :)