Monday, May 27, 2013

The easiest way to make money as an entrepreneur is do what government does but better!

Many entrepreneurs try and think of that really big idea....that awesome IT product...that great innovation. However some of the most successful businesses have been those entrepreneurs who have filled the gap in government services and just done it better, with better staff, better service and more accountability to the ultimate paying customer.
In South Africa (SA) there are many examples of entrepreneurs just doing it better and coining it.
Postnet is an alternative post office with hundreds of branches.
SA has many successful and world class private hospitals because state hospitals have weak services.
SA has a massive security sector that works in parallel to a very dismal police force.
One of the largest private growth sectors in the country is private education and the number of private companies getting into the game and making huge profits is astonishing as the state education sector just doesnt cut the mustard.
The list goes on! The brilliant facet of these business sectors is they are very easily exported to other countries who need these services and thus brand and profit and profits grow. Everyone benefits from a better quality service.
So I started to think where there are still gaps in the SA market.
What about all those municipal services, fire services,  private morgues and private burial spaces.
Municipal services such as trash collection are already privatised. But what about water and electricty service provision. When a water pipe bursts or electricity wires get damaged why not have private companies take on this role? But the big one must be morgues and private burial spaces. Death is an industry that everyone will pay for and this could be the next big private enterprise opportunity.