Why Didn't I Think of That?

We all know a King Midas or Donald Trump who seem to turn anything they touch into gold. Upon learning an entrepreneur suddenly succeeds by uncovering an obvious market need, I lament, “Why didn’t I think of that?” But then my analytical mind asks, “How did he or she know customers would have the money and need to decide to buy now?” As the bank robber, Willie Sutton, put it so eloquently, “Why do I rob banks? Because that’s where the money is.” In the case of our region’s shale gas energy boom, the answer is – Yes! As up to one trillion dollars is steadily flowing into this economy, how can you find out where the money is for what you can sell? Here are five quick ways:

1. Study your customer’s customer. Whatever you sell, your customers’ customers are not just a great bellwether of your next sales but also a good pathway of how you can convert emerging market trends into sales for your company. See where and how your customers’ customer activity is shale gas-related and positions your business to catch what could be coming your way.
2. Ask your vendors what parts of their business are growing. Chances are very good your vendors are somehow either gaining or losing business because of the shale gas economy. Ask them where and who has the money. Vendors always are happy to gain favor with customers like you. Chances are some of it is from shale gas.
3. Look under your nose. Your neighbors, your fellow parishioners and your kid’s friend’s parents are all exposed to other businesses. Certainly some of them are thriving because of shale gas business.
4. Your bankers. No business is closer to where the money is than banks. They lend, deposit, finance and manage money and are always in tune to knowing where the shale gas money is going.
5. Your shopping. Take a drive down your main street or to your mall. Take a look at which stores are full, and if you can, catch a minute with either a sales person or a chatty customer, who are clearly transacting more than average, ask them why times are good. Ask them if and where any of the new money is coming from and expect to hear that it’s from shale gas.

History is full of success stories like Levi Strauss who made millions selling blue jeans to gold miners. Someone around you has figured out where the shale gas money is and can give you an eagle’s eye view into where and how you can make your fortune as well.
So, get out there and ask a lot of questions and keep your eyes open. You will find someone who’s thriving because of the shale gas boom. Chances are both of you have three things in common. You don’t own drillable property, you’re not in the energy business, and you’re not buddies with the president of any gas company. The only difference between you and your neighbor is that right now they have the Midas touch and you need one too.
By Andy Birol