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Meeting a Real Need

Of course, identifying a customer need is only part of the process of satisfying a real customer need. You also have to come with a product or service that meets the need. After all, identifying a clear market need without coming up with a product or service is just an academic exercise that does nothing for you as an entrepreneur.

Therefore, after a real need is identified, you need to develop a product or service that meets the need. Take the space tourism example from earlier. Suppose you are the entrepreneur in this example. How are you planning to get people into space? Are you going to rent seats on NASA’s space shuttle? Or are you going to build a launch vehicle? If you are going to build a launch, is it going to be a rocket or an airplanelike vehicle? You would need to answer these questions if you are to come up with a product that meets customer needs in the space tourism business.


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