Saturday, May 23, 2015

One Man's Trash

Another target for entrepreneurship is waste. Any system that produces waste is by definition inefficient. If you find a way to monetize or provide a service to eliminate waste, you will be serving a valuable and much-needed purpose.

It is imperative to know that profit comes from capitalism's tendency to exploit inefficiencies. Inefficient markets have high transaction costs and this is where the service provider makes a profit.

New activities will inevitably produce new inefficiencies. New markets beget new markets in this way. If your solutions can ride this constant evolution, you will be successful.

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