Oct 22 , 2019

Robert Harris

How to identify business opportunities in common Problems

Almost everybody would love to succeed as a businessman or woman. Depressing statistics however show that there are more failed startups than successful ones, proving the sad reality, - - Entrepreneurship is not for everyone.

 The same statistics show that Businesses that succeed have discovered the entrepreneurial ‘magic formula’ - they solve a problem. This is the cornerstone of successful entrepreneurship. To succeed as an entrepreneur, identify a common problem, tap into your skills and talents and find a creative solution.

 Kevin Systrom, co-founder of Instagram, the world’s most successful photo sharing website, one of America’s richest entrepreneurs observes about successful startups,  “Every startup should address a real and demonstrated need in the world – if you build a solution to a problem lots of people have, it’s so easy to sell your product to the world.” 

 How do you identify common problems? More realistically, how do you offer solutions to these problems? This article will help you know where to start. 

 Your business idea should be a set of skills or knowledge that solves problems and that people are willing to pay for. 

 Know your Unique Skills

Everybody is created with multiple skills and unique talents, unfortunately as we grow up, we conform to societal expectations and lose this unique creativity. Every person employed today gets paid for a set of skills they have developed over time through education and experience. 

That does not mean that employees do not have other latent skills outside of their employment, to the contrary. The 9 to 5 job may be a source of weekly pay, but does not exhaust employees' potential. 

 How do you identify the latent skills lying untapped, and bring them to the fore? How do you package these skills and get people to pay for them?

 A good indicator that you are good at something, is when you recognize a pattern. Friends, family and colleagues keep on consulting you and seeking for advice in a specific area that you are good at. The other indicator is; you always see solutions where other people see problems. 

 Identify common Problems

 Identifying problems might seem easy, but in real sense it isn’t. We are always surrounded by problems, because every solution we get creates a new problem. George Bernard Shaw, Irish playwright, polemicist and political activities, noted, “science never solves a problem without creating ten more.” 

 He may have stretched this statement a little bit too far, but the truth is that every new level we achieve in scientific discoveries, creates new challenges that need new solutions.  

 For example, Facebook solved a social interaction problem, however Facebook chat was limited and could not fill certain needs, WhatsApp was created to fill this need, WhatsApp however could not share images the way Instagram does, Instagram was created to fill this need, and the list goes on and on ad infinitum.  You get the drift...

What problems have you identified that is common to everyone? do you feel in your bones you have a solution to this problem? 

Be creative

Become creative about your solution, take time to work on your solutions. Novice entrepreneurs rush to bring their solution to the market without creatively exhausting the thinking process. They lay bare their unique solution to stronger competitors with deep pockets who like vultures, snap up these ideas and run with them.

 Your idea may seem perfect before trying it out on your potential market, but you need to take it further. Get a focus group, a select group of people who will act as a sounding board. People who will give you honest feedback and help you improve on the product or service. 

 Act on your ideas

 If your idea seems popular and you feel you are ready to launch, do not hesitate, many entrepreneurs have hesitated and lost momentum. Too much analysis is an action killer. 

 Create a minimum viable product or service and launch. Test the waters, listen to your customers and improve, keep acting on feedback to make your solution better.  If demand keeps growing, you are onto something! Start shopping for financiers! 

Believe you will succeed

Belief is the power that energizes successful entrepreneurs, the belief that you have what it takes to succeed, the belief that God is on your side, the belief that He created you for this very purpose, and that you are walking in God’s divine purpose.

Belief will keep you working long and hard even when you have nothing to show for your hard work, belief will galvanize you out of your bed every morning, even when bills are piling up and the only tangible thing you can show is hard and long hours. 

Do you believe that God created and packaged you to offer this solution to the world? do you believe that no mountain is too high to climb? do you believe that the creator of the universe and all the heavenly hosts are on your side and want to see you succeed?

 Identifying problems, acting on them, putting in long and demanding hours is the first leg on your entrepreneurial journey. Keep reading to find out how to apply biblical principles and propel your business to success.