Problems can be solved by anyone. And, at its most basic level, entrepreneurship is nothing more than problem-solving. As a result, anyone can become an entrepreneur. It’s difficult, but no one is going to stop you.
Identifying challenges and coming up with new solutions is an important addition to your skillset, whether you’re wanting to further your profession or branch out on your own. Priming oneself to see and identify problems is the first step, which seems simple but is tough in practice. Begin with the following steps.
Related: 7 Tips for Making Your Business Pop (Brand Storytelling Guide)
Look Find a Problem To Solve.
Although it may appear to be a simple issue, what you think is a problem is actually a symptom of a deeper underlying problem. For instance, you may have noticed that your neighbourhood coffee shop is losing customers because there is constantly a 10-person line.
You would believe the issue is a lack of manpower, but the underlying issue is a 20-year-old espresso machine that wasn’t designed to handle the current demand. Symptoms are everywhere, but issues are more difficult to spot. Begin by looking at your own life and digging deeper than the symptoms.
Determine a Solution.
This isn’t the time to try something new. You’ll have a lot of stupid ideas, which is to be anticipated.
Make a list of possible solutions next to your list of problems. Don’t worry about viability or expense at first; these are just the practice wheels for detecting company prospects. Alternative modes of thinking will become second nature and gradually improve as you train your brain to watch, identify, and solve problems.
Related: Are You Prepared To Sell Your Item? Take a Look At 3 Ideas.
9 Ways to Discover a Market Gap
- Unbundle: Like a modern typewriter, dismantle bundled products and specialise.
- Transportation: Expand a successful product into a new market.
- Mass-Market: Take a product like extra-virgin olive oil and scale it up to a national level.
- Niche Down: Take advantage of a constantly segmented market, such as a store that exclusively sells lightbulbs.
- Expand: A one-stop shop, such as Sam’s Club or Amazon.
- Cost: It’s common knowledge that generic brands are less expensive while maintaining vital elements.
- Upgrade: Add value or distinction to a simple product, such as artisanal cookies.
- Downgrade: Like Spirit Airlines, take a status product and strip away the extras.
- Bundle: Combine two or more items, such as a camera and a telephone.
Humphrey Ho is a character in the film Humphrey Ho
Hylink Digital’s Managing Director
Santa Monica is a city in the state of California.
To make my parents proud, I was destined to go to medical school. Instead, I became a business owner. My entrepreneurial ventures have brought me all around the world and into a number of industries, including automotive, consulting, advertising, and now an integrated marketing firm.
Two factors, in my opinion, distinguish decent from outstanding business opportunities:
3 Can you drive and see results in the short term—say, nine to twelve months?
3 Does it make you want to stay up till 3 a.m. every day for the rest of your life?
The only thing that keeps you awake past 9 p.m. is passion. You must genuinely enjoy it. The money will come if you do good work.
Related: You Get a Duty to Promote Your Small Business—How Here’s to Do It
During crawfish season, I joke that I’m a legalised drug dealer. My true nature is that of a problem-solver. All of my businesses were inspired by issues I encountered in my personal life or in my neighbourhood. Detecting issues is only half of the battle. Your concept must be tried and true. This is what I’ve found to be effective:
- Make a list of your ideas.
- Dispel the notion that you require a large sum of money.
- To save money on beginning expenditures, form partnerships with a variety of people.
- Consider the advantages and disadvantages.
- Consider yourself a cynic and consider everything that could go wrong. Prepare yourself. Make contact with other entrepreneurs. Obtain feedback from them.