If you ever wonder what inspires entrepreneurs to start a business, usually, it’s because of a common problem we humans face. Entrepreneurs see common problems as opportunities. They come up with ways to solve them, and with people, the bigger the problem, the more willing they are to pay someone who has the solution. As simple as it sounds, sometimes it’s hard for us to notice problems and turn them into opportunities, but here are tips that can help you.
Personal Experience
Before you go looking around, look within yourself first. Are there any problems you face? If yes, is there an existing solution to this problem? If no, this could be a business opportunity for you. Though it is unlikely every single person will share the same struggle, it is still likely you’re not the only one facing this issue. The more personal an issue is, the more connected and passionate you become in creating a solution for it.
Ask Your Family
Sometimes, we may have trouble identifying issues, especially when it’s become too common. So, it’s also good to approach family members and ask for their help. Because they are your family, they could be the best providers of insight for you. If you have products you want to test out but are not too confident in sharing it with other people yet, you could also make your family members your product testers, too. It’s also important that you tell them they should give an unbiased opinion and give it to you straight.
Ask Around
Another way to identify problems and turn them into opportunities is to branch out and ask your consumers about their needs. Creating a poll allows you to see a pattern, which in turn helps you identify the most common problem. Et voilà! You’ve now got a business opportunity.
Make Things Better
Here’s the thing: just because a certain problem has already been solved, doesn’t mean you can’t make it better. Innovation isn’t limited to creating something new; it can also mean improving existing inventions. Whether it’s making it more environmentally friendly, efficient, or affordable, it can be a business venture for you to explore. It doesn’t necessarily have to be a big change. Sometimes, a small tweak is all it needs to make it better than before.