There is no official definition of a "boring" business. At BoringCashCow, when we talk about a "boring" business, we mean a business that focuses on solving real-world problems rather than chasing short-lived trends.
Boring businesses start with a problem, not a solution. These businesses emerge from the pain points that people are complaining about or that you've identified. At first glance, they might seem dull because the solutions aren't necessarily flashy, and the problems they address can be mundane.
The opposite of a "boring" business is a "flashy" business. Flashy businesses often prioritize trendy and short-term ideas instead of solving problems. They offer trendy solutions in search of problems.
A clear example is when blockchain technology emerged. Many developers started creating blockchain solutions for imaginary problems.
Boring businesses address genuine real-world problems. A real-world problem is something that people are willing to pay to solve. This is the core of business. If your business doesn't provide something valuable enough to pay for, it's not truly a business. It's that straightforward.
Flashy businesses can be problematic because trends come and go, particularly in the tech world. Constantly new technologies appear. When you focus on flashy business, you might become infatuated with the technology itself rather than genuinely solving people's problems. Instead of building a business, you end up pursuing your own interest in technology.
It's not wrong to learn about new technology, but if your primary goal is to establish a business, you can fall into a self-made trap.
If your business is unexciting enough, you'll face less competition. Why? Because people often lack the long-lasting passion needed to work on something that seems uninteresting to them.
For most people, businesses that don't capture their interest are ignored. Take a look around. Business opportunities are all around us, yet we often say no to them simply because they appear dull to run.
Boring businesses embrace a simple business model. They follow fundamental principles of business. You offer a valuable product or service, and customers pay for it.
However, it's important to note that simple doesn't necessarily mean easy. Managing a business is never a simple task. It requires hard work and patience to achieve successful financial outcomes.
In this content, we've clarified what a boring business is. Are you convinced yet? What do you think of boring business? We also write a deep comparison article on Boring Business vs Flashy Business.