*Click to read the affiliate disclaimer*


(Last Updated On: )

Psychology is one of the most debated topics in the world.

For some, psychology is a ‘soft’ science; more of an art than a true study of something real, provable, and influential.

For others, psychology is essential; a key component of understanding the way the world works, and an unavoidable entity that we should all take note of.

Mostly, the evidence suggests that the second group — the believers in the power of psychology — are the ones that are onto something. For the most part, we humans are a pretty predictable bunch. We like shiny things; we like to be in groups; we feel happy when we spend time in nature. We like to think of ourselves as individuals, but psychology tells us that we’re really not.

This can be pretty tough to accept, but it has a vital advantage if you have an entrepreneurial desire. Sure, you might not quite be the true ‘original’ that you thought you were, but that does mean you can understand a potential customer base better than you ever thought possible.

Combining basic human psychology with entrepreneurial ambition could be the key to your success. You can step back from the market research, the focus groups, the inspirational “here’s what business you should run if you’re an X kind of person” posts, and focus on the core of the matter— the human mind, and what it wants.

 

What do we want?

A thousand novels and a hundred thousand academic papers have been written to discuss what humans truly want from life. The conclusions vary, but for the most part, most psychologists agree with Maslow’s hierarchy of needs.

Let’s dive deeper into how this can be used when trying to create an entrepreneurial path for yourself.

 

Level One: Physiological

The bottom level of the pyramid is the most important. These are the basic, physical needs we all need to survive. If you choose a business on the first level of the pyramid, then you’re more likely to have a future-proof idea. Some of the biggest companies in the world have built their reputation on businesses that fulfil the needs of the bottom level of the pyramid, because these needs are something humans can’t avoid, and thus there is a consistent customer base in need of the available products.

Translating the basics of the pyramid into business ideas can be daunting, but here are a few suggestions of how you can do it:

 

  • Food businesses are obvious; from restaurants to supplying ingredients, there are hundreds of different kinds of food businesses you might want to start.
  • Homeostasis is incredibly difficult to achieve, but there is some evidence that CBD oil can help in this area. You could sell CBD oil via an ecommerce store, or just monetise a blog that talks about the benefits of CBD oil.

 

 

Level Two: Safety

As you begin to move up the pyramid, the business ideas has to become a little more esoteric. This is because the needs become more esoteric. We can all agree that “food” means “food”; there’s not much to debate regarding what that might mean. As we begin to move up the pyramid, the needs become a little more open to interpretation— but ultimately, this is a good thing, as it means more opportunities.

The second level is all about security and safety. Businesses formed to meet the needs on this level are also relatively future-proof, and speak to common fears and concerns that we all have. By creating a solution to these basic fears, you should find a thriving customer base.

 

  • Employment is a great category to investigate further when considering business ideas. Recruitment, for example, is an incredibly lucrative sector, and can be fertile ground for new businesses. Alternatively, safety in employment could be taken more literally: perhaps you could run a business that ensures health and safety compliance is met by companies, or provides security equipment.
  • Property is another lucrative field and, again, there are dozens of different ways you could create a business in this area. The most obvious idea focusing on the safety of property is to enter into the home security market, selling cameras or offering services to plant hedges for security screening.
  • Health can also be interpreted in a number of different ways. You could run a professional blog about a health issue you have experienced; or you could enter into the healthcare supplies sector.

 

 

Level Three: Love and Belonging

This level may seem incredibly difficult to use as a basis for a business and, if you’re being literal, it is. However, thinking outside the box, this important level of the pyramid can actually be the base point for a range of business ideas.

While not as essential as the first two levels, level three is associated with happiness. As a society, we seek happiness more than ever before; the world is full of self-care tips, life coaching, and endless articles about how to live a happier life. This suggests that businesses which focus on improving the opportunity for love and belonging may have a keen potential customer base in the modern world.

 

  • Family is a key component of the pyramid of needs, but it can seem impossible to penetrate from a business perspective. However, think outside the box: think about what’s important to families. Group celebrations and holidays are incredibly important, so perhaps a party-planning business could be a way of accessing this level when it comes to business. Or you could look at it another way, and seek to make life easier for families by reducing major stressors. Moving home is a huge cause of stress for families. You could address this by heading to a truck dealers to purchase a vehicle with which to start a reliable removals company that makes the moving process simpler. Essentially, to access this level of the pyramid, you have to think of businesses that can directly benefit families and improve their lives.
  • Friendship can be interpreted in a number of ways, but one of the best options is to look into businesses that offer experiences. Look for businesses that friends will always want to do together, or will enhance the time they spend together.

 

 

Level Four: Esteem

The fourth level is the hardest level of the pyramid— at least, the hardest that it is conceivable to meet the needs of with a business idea. Unfortunately, the fifth level — self-actualisation — cannot be addressed by a business due to its very nature. Level four, however, can be met by businesses…  but it’s tricky.

With that said, it’s not quite as tricky as one might think, and there’s actually a hint earlier in this article as to what might work for level four. This level is all about esteem, appreciation, and confidence. You can’t directly influence a customer’s friends, family, and colleagues to think well of them— but there are plenty of businesses that have managed to access…

 

  • Self-esteem and confidence. It’s fair to say that the 21st century thus far is the century of self-esteem and confidence. It’s impossible to have missed these movements; from body confidence to endless articles about how to improve self-esteem, it’s clear that these needs are a constant feature in the minds of the general public.

 

  • As a result, many businesses have sprung forth to help encourage people’s self-confidence and sense of self-esteem. As self-care has become more popular, there has been a trend towards alternative therapy businesses, life coaching, and counselling— all viable areas you may want to consider for your business.
  • Alternatively, you could think really outside the box, and consider the “achievement” aspect of this level of the pyramid. For example, video games are designed to offer high levels of achievement, which you could take into account if you have always wanted to develop your own game. This is just one example of how the hierarchy of needs can inspire further thought; you don’t need a literal interpretation to make it work for you.

 

In conclusion

Since the dawn of time, businesses have sought to try to learn what their customers want— by turning to an established school of psychology, and your own experience, you already know what your customers want.

Now all you have to do is flex your creativity. Take the baseline points of the pyramid, then seek innovative ways to address these needs— or, of course, you can be more literal if you so choose. This is the benefit of using the pyramid as a source of business inspiration; it’s open to interpretation at all levels, but nevertheless speaks to an underlying range of needs that we all have. As a result, a business idea that has been formed with the hierarchy of needs in mind is more likely to be a successful one, and can help to ensure that your entrepreneurial dreams become a reality.

 

Chiino
Latest posts by Chiino (see all)