Are you seeking a Billion-dollar business idea but don’t know how and where to start looking? Does it look like you are running out of ideas and don’t know where to start? Maybe you have tried so hard to come up with an idea, but all to no avail.
Look no more because! This article has been to guide you properly on how you can amplify your problem-solving skills to come up with a profitable business idea.
Take a look at the current ranked Forbes Billionaire list from number 1 to 400, there is one thing common to all of them, and it lies in the fact that they all came from the womb of a woman, they have one head, and they have brains just like every other human being on earth.
The only difference is that they have been able to provide a solution to a significant global challenge and were able to monetize it for profit.
Anyone can do the same; all required is critical thinking, persistence and passion for solving problems.
Most people say the best way to choose a business idea is by doing what you are passionate about.
The problem with this is that it keeps you blind from spotting opportunities outside your interest, which can be dangerous for anyone.
There are several reasons why you may start your business in a particular industry.
But if you are seeking more significant opportunities, you may be wondering what industries make the most millionaires.
Who is a Billionaire?
A Billionaire is someone who has assets worth a Billion in a given currency, but this time not just any given money but in US dollars, Pounds.
This does not mean that assets owned in every other currency are not okay, but you should know that the American dollar backs currencies of different nations other than the west.
So funny to be writing about this in this section, but I wanted you as a person to be ready to dream big enough to provide solutions to problems that would end up paying you in these significant currencies because those are the global wealth standards.
Why You Should Become a Billionaire.
There are diverse reasons people choose to become rich; some do so for good reasons, and some do so for wrong reasons.
If you want to become a billionaire for selfish reasons, you would likely become a disaster to yourself and your community. But if it’s the other way around, it’s become a blessing.
Here are some reasons why I think you should consider becoming a billionaire.
1. It Feels good.
According to the world bank, about 9.2% of the world lives in extreme poverty on less than $1.90 a day. Now imagine, when you escape poverty and have all the money to solve all your problems; I bet there is no other feeling.
No one wants to live in poverty anywhere in the world; we all want to get the best out of life, and one way to do this is to become rich; though you might not become decadent at night, with consistency and hard work, you will get there.
2. You get to solve generational problems.
Look at the Forbes list from top to bottom. You notice that people on this list are that they solved generational problems one way or the other.
Mark Zuckerberg solves a generational problem of global networking with Facebook, and Elon Musk is trying to solve a generational problem in attempting to solve global internet problems with Starlink. Finally, Aliko Dangote is solving gas issues in Africa by building the largest petroleum refinery in the world in Lagos, Nigeria.
3. You get to touch lives.
Have you ever felt the urge to help a dying soul but unfortunately, you couldn’t because you lacked the financial resources?
Well, if you haven’t, I have, and I can tell you that it’s a painful situation.
Just look at how Bill Gates is helping fight malaria in Africa through his foundation and many others who distribute wealth for various causes that can be you.
If you ever feel like having helped humanity, you need resources that can be gotten when you are a billionaire.
4. Wealth distribution.
Finally, wealth distribution is one thing to look out for in every billionaire. But, have you ever seen a billionaire who got rich alone? The answer is a capital NO.
This is because billionaires build solutions that become significant employers of labour either globally or internationally.
Entrepreneurs such as Bill Gates and Jack Ma have a direct workforce of over 100,000 across different continents.
List of Business Industries That Can Make You a Billionaire.
So many people ask themselves what business ideas can make them billionaires. The truth is that thousands of business ideas can make anyone rich, but you need to understand that they all come at a price.
Anyone willing to pursue excellence should be ready to face obstacles and challenges that achieve their financial obligations and gains.
Here are some of the business ideas that you can get started with.
So before I drop my insight on how education can make you a billionaire, here are some data I was able to gather on the internet.
According to research, it has been discovered that more than 129.2 million girls worldwide are out of school; children across the world have lost an average of one-third (74 days) of education due to school closures and a lack of access to remote learning.
By 2030, countries must recruit 69 million teachers to provide every child with primary and secondary education, and 67 million more children have had access to quality teachers since 2002.
This data means something, and that is the fact that the government cannot afford to fund education anymore, even if they do, maybe in high-income countries like the USA, Canada and the EU.
Coming to countries like Nigeria, where more than 14 million children are out of school, it’s safe to say that funding education would continue to be a challenge.
Here is the perfect time to disrupt this industry. With the rise of online educational platforms, otherwise known as e-learning, such as Udemy Coursera and many others, it has started happening.
E-learning transfers skills and knowledge to many recipients simultaneously without the involvement of human elements.
Before now, eLearning was not accepted because eLearning was assumed to lack the human element, but now more and more people embrace this technology.
The eLearning industry has grown by over 900% since 2000. The growth of the internet is a big reason for the massive explosion of this industry and is expected to keep growing as technological advancements continue to improve.
Now that we have more people with smartphones, it’s safe to say that the education industry will be worth it in a few years to come.
Health care is another industry that governments around the globe cannot disrupt.
The healthcare industry seeks disruptors, and this presents an opportunity for everyone who wants to make a solid contribution to the industry.
According to the world health organization, do you know two years into the Sustainable Development Goals era, global spending on health continues to rise.
It was US$ 7.8 trillion in 2017 or about 10% of GDP and $1,080 per capita – up from US$ 7.6 trillion in 2016.
The health sector continues to expand faster than the economy worldwide.
Across low-income countries, the average health spending was only US$ 41 a person in 2017, Compared with US$ 2,937 in high-income countries – a difference of more than 70 times.
High-income countries account for about 80% of global spending, but the middle-income country share increased from 13% to 19% of global expenditure between 2000 and 2017.
This tells you that there is so much untapped opportunity in the healthcare industry.
You don’t need a medical degree to disrupt the healthcare industry; you can develop a solution to help people access healthcare easier, one of which is telemedicine, a significant contributor to healthcare inclusion in developing countries across the world.
I started gaming quite early in life, and it all started with Sega, Nintendo and Play station 1.
If anyone told me that the gaming industry would be something big as it is today, I would laugh at such a person and call it a full-time joke because back then, it all looked stupid.
All you needed was a control pad, television, gaming console and control a dummy character till you got tired. Video games are a billion-dollar business and have been for many years.
In 2020, the worldwide PC gaming market revenue was estimated at 37 billion U.S. dollars.
The gaming industry has evolved from traditional game consoles into what we now know as virtual reality, which is integrated with cryptocurrencies.
With over 48% of gaming studios working on VR/AR games, it’s safe to say that the gaming industry is worth investing in.
I wrote a comprehensive guide on investing and making money with the Metaverse; click the link to the article below to get started.
Transport is often one industry that we often overlook because we always want to leave it in the hands of the government to handle.
We can see that this is false because, for a company like Uber, which owns no single taxi but controls independent taxis worldwide, you would see that transportation remains an untapped industry.
Apart from road transportation, sea and air transportation have not been tapped into.
The global population is expected to surpass more than 10 Billion, majorities of which will have issues with transportation either by air, land or sea.
As mentioned earlier, the global population is expected to surpass more than 10 Billion by the end of the century, and one issue that is going to come up is the need for more cars on the roads.
More people are going to need as many cars as possible to move around comfortably on their own, and in low-income countries in Africa, this would be a challenge.
One way to help cushion this effect is for the emergence of new automobile manufacturers.
Though we have players such as Toyota, Honda and many others, the market is vast, and the cost is going as high as possible, leaving low-income countries to depend on pretty used cars from the west.
But with the emergence of new players in the industry, there is a considerable market gap to be met.
Global Tourism Industry is the largest industry, with a global economic contribution of US 7.6 Trillion in revenue.
With a global population of more than 8 Billion, people are more likely to change destinations in search of pleasure, business and greener pastures.
Among all the world’s cities, Tourists splash the highest amount of Cash of USD 28.50B in Dubai.
A region that used to be a desert has been converted into a tourist attraction to be reckoned globally with.
Sixty-eight years later, this number has increased to 1.4 billion international arrivals per year, a 56-fold increase. These stats, as discussed above, have proved how viable tourism can be all over the world.
Anyone can venture into tourism, irrespective of what field you choose. Areas ranging from Airlines, Hotels, and many more do a profitable tourism business.
I wrote a comprehensive guide on becoming a travel consultant and making money; check out the link below.
Farmers are among the Richest people In USA and Australia, also across various parts of the world. The Agriculture sector is the single largest employer globally after the manufacturing industry.
Almost all industries depend on agricultural raw products. Agriculture is the backbone of all countries. Each country’s GDP, economy, development, etc., depends on agricultural growth.
To sustain the global agricultural demand, Farmers need to produce 70% more food because the population will nearly hit 10 Billion by 2050.
The most profitable farming business across the globe includes the Crop farming business, Livestock farming business, and general farming business ideas.
I wrote a comprehensive guide on how you can start an agricultural business without any hassle; check out the link to the article to learn more.
Hospitality Industry is an industry that touches the lives of almost every single person on earth in some way or other.
The hospitality industry goes side by side with the tourism industry because when tourists visit a new destination, they are inclined to see the hospitality sector.
The global hotel market alone generates more than $850 billion in revenue. According to hotel industry statistics, the income of the worldwide hotel industry is increasing day by day.
The hotel industry alone has been predicted to have annual revenue of about $550 billion in 2016. It is set to increase at a consistent pace in 2022 and beyond.
Air, remains the safest and fastest means of various forms of transportation, and this has created the need for more airlines to emerge.
Aeroplanes have revolutionized how we travel. At any given time, there are up to 20,000 aeroplanes in the skies.
Aeroplanes allow passengers to quickly travel long distances. Manufacturing companies known as aerospace manufacturing play a hugely responsible role in the construction of these aeroplanes.
While this is a difficult company to start or operate in, it is one industry that is going to remain evergreen.
Without any doubt, aeroplanes are used for various purposes such as military, and passengers, it all starts with choosing what field you intend to develop for.
As the global population continues to increase so will be demand for air transport, this is no doubt the best time to become an aeroplane manufacturer.
10. Cloud Technology.
Cloud computing is the delivery of computing services—including servers, storage, databases, networking, software, analytics, and intelligence—over the Internet.
Rather than owning their computing infrastructure or data centres, companies can rent access to anything from applications to storage from a cloud service provider.
The global cloud computing market size was valued at USD 368.97 billion in 2021 and is expected to expand at a compound annual growth rate of 15.7% from 2022 to 2030.
Look all around you, everything you use is hosted on the cloud, social media, text messaging and Artificial intelligence.
The majority of cloud computing is dominated by companies such as Google, Apple, Microsoft and many others.
As the use of the cloud continued to play a significant role in our today’s society, it remains an untapped industry
The global movies and entertainment market size was valued at USD 90.92 billion in 2021 and is expected to expand at a compound annual growth rate of 7.2% from 2022 to 2030.
North America dominated the movies & entertainment market with a share of 34.5% in 2021.
This is attributable to the presence of Hollywood, the most established film industry in the world.
In addition, the highest number of screens in the region contributes to its larger share of the revenue.
Moreover, the shifting focus of key players towards untapped markets such as India and Africa is driving market growth in the region.
There is no better time to tap into the movie industry than now. You dont need to be an actor to tap into this huge industry, more technologies are needed to disrupt the movie industry such as studios, distribution and many more.
12. Smartphone Manufacturing.
A smartphone consists of an integrated computer and other features, such as web browsing, an operating system, as well as the ability to run software applications.
Increasing penetration of the Internet of Things is expected to boost market growth.
The global Smartphone market was valued at USD 273.9 Billion in 2021 and is forecasted to reach USD 520.7 Billion by the year 2030.
Top players like Apple, Samsung and many more dominate the smartphone market with more still expected to arrive.
The smartphone market is becoming increasingly bigger and people seek out more advancement, causing new features to be added yearly.
Two years ago, the fashion industry reached a mind-boggling $2.5 trillion. Almost $380 billion was spent solely on apparel and footwear in the US alone.
Fast fashion is presenting a huge ecological problem for the entire planet. Namely, in this industry, clothing products are manufactured so rapidly, focusing on quantity rather than quality. Hence, a few problems arise.
For instance, fashion waste statistics show that most of the discarded textiles end up in landfills instead of being recycled, which is not the most environmentally friendly approach. Yet another problem is the use of cheap labour, as well as child labour, to develop said products.
The essential needs of man remain food, clothing and shelter, hence the boom in the fashion industry, everyone needs clothing no matter what kind and state such a person currently are in.
Fashion especially is largely untapped due to the lack of manufacturing plants in the continents, as the population of the world grows, they will surely need clothes to wear.
The global food and beverage market size is expected to grow from $5.8 trillion in 2021 to $6.4 trillion in 2022 at a growth rate of 9.7%.
The food and beverage market size are expected to grow to $8.9 trillion in 2026 at a compound annual growth rate of 8.7%.
The top opportunities in the food and beverages market segmented by distribution channel will arise in the supermarkets/hypermarkets market segment, which will gain $895.4 billion of global annual sales by 2026.
In addition, the organic food and beverage market and functional food and beverage market segments stand out as the health concerns of consumers continue to drive trends.
Fintech, or financial technology, is the term used to describe any technology that delivers financial services through software, such as online banking, mobile payment apps or even cryptocurrency.
As per Statista.com, 66.7% share of bank executives believes Fintech will impact wallets and mobile payments globally.
In February 2020, there were 8,775 financial technology (Fintech) startups in the Americas, there were 7,385 such fintech startups in Europe, the Middle East, and Africa, and there were 4,765 fintech startups in the Asia Pacific region. Source – Statista.com.
The global fintech market was worth $127.66 billion in 2018, and it is expected to reach $309.98 billion at a CAGR Of 24.8% through 2022. Source – PRNewswire.com
Do you have an idea to help people move money from one place to the other? this is where Fintech comes into play.
16. Waste Management.
The total generation of municipal solid waste (MSW) in 2018 was 292.4 million tons (U.S. short tons, unless specified) or 4.9 pounds per person per day.
Of the MSW generated, approximately 69 million tons were recycled and 25 million tons were composted.
Together, almost 94 million tons of MSW were recycled and composted, equivalent to a 32.1 per cent recycling and composting rate.
Waste-to-energy plants burn municipal solid waste, often called garbage or trash, to produce steam in a boiler that is used to generate electricity.
Waste-to-energy plants reduce 2,000 pounds of garbage to ash weighing about 300 pounds to 600 pounds, and they reduce the volume of waste by about 87%.
Developing nations in Africa need proper ways to manage their waste other than landfills which emit methane gas and fuel the effect of climate change.
Though a project like this is capital-intensive but remains largely untapped. The waste management industry can help these developing industries convert their waste into energy by burning them to ashes.
eCommerce is commercial transactions that take place electronically online. And by the year 2022, eCommerce is expected to generate $5.42 trillion in sales per year.
If you’re thinking the future looks bright for those selling products online, these stats back that up. Big sellers like Amazon, and eBay have become the dominant player in this field, you do not need to build your own Amazon, as you can easily become a seller on this platform.
I wrote a comprehensive guide on this blog on how you can start an eCommerce business on Amazon and make money.