Find a Problem and Solve It

Wherever there is a widespread and unsolved customer problem, there is an opportunity for you to start and build a successful business.

Once upon a time, before photocopies, the only way to type multiple copies of a letter was with carbon paper placed between sheets of stationery. But a single mistake would require the typist to go through and erase the mistakes on every single copy. This was enormously clumsy and time-consuming.

Then a secretary working for a small company in Minneapolis began mixing flour with nail varnish in order to "white out" the mistake she was making in her typing. Soon, people in other offices began asking for it. The demand became so great that she quit her job and began working full-time manufacturing what she called “Liquid Paper.”

A few years later, the Gillette Corporation came along and bought her out for $47 million cash.