Most of today’s prospective entrepreneurs fail because their brilliant concept never truly solved a need. They may believe that producing a certain product is a brilliant concept that has the potential to be successful, however, if there is no market need for that given product, the firm will undoubtedly fail.
Every remarkable breakthrough we’ve seen was not always the result of a brilliant concept by the inventor or entrepreneur. It’s because they identified a potential market, identified a need, and were ideally qualified to fix that problem.
Especially in current smartphone app boom, it appears like everyone is always one fantastic idea away from becoming the next big thing. Instead of seeing this as a solution to a big problem, they just see the profit. So, how can you take advantage of a problem-solving opportunity? Continue reading to learn more.
Why Revenue-Generation Does Not Beat Problem-Solving
If you looked at your device’s App Store, you’d undoubtedly notice a problem. There are mountain ranges of half-baked applications in every area, all attempting to cash in on ad income or getting bought by a larger corporation.
It’s interesting how company CEOs may look at a huge number of well-heeled rivals that already have market share and believe, “Yeah, I can thrive here.”
They built their firm not because they had a burning desire to enter the real estate market. They’ve gotten this far because they recognized an opportunity and researched the topic. After determining that I indeed have a distinct point of view, I began constructing my empire. My first step was not estimating how much money this business would make me. It was identifying a need in the market and understanding that I had the ability to fill it.
How To Succeed As A Problem Solver
1. Find A Problem Within Your Space
This is critical and is frequently overlooked. If your market is crowded and supply exceeds demand, now is generally not the greatest moment to start a business. If your top rivals all share a catastrophic defect that benefits you, it may be time to investigate that flaw. If demand outstrips supply and there are complaints about a lack of high-quality products on the market, the sector may be in trouble.
2. Analyze How The Issue Arose.
A further step that is frequently skipped. Before you get in, research the issue. What are the present businesses doing? How do they let their consumers and clients down? Where are they having success? When you identify the underlying source of a problem in your sector, you can design your company around it.
3. Evaluate If You Are In A Position To Capitalize.
After you’ve identified and investigated the issue, it’s time to turn your attention inside. Examine your own skills and shortcomings to determine if they are properly matched with the situation. If all of the ice cream places in town specialize on vanilla, but you have a great chocolate recipe, it might be time to create your own.
See more: LatAm BNPL Kueski reaches 1 million clients in Mexico
Discover what potential consumers and clients want – and how the present environment is failing to match their demands.
4. Center Your Business On That Issue.
After you’ve completed the three mentioned procedures, you may begin to work. You’ve discovered a market problem, and now you can provide a remedy to that need. When you first start out, your whole attention should be on developing the solution.
Existing rivals’ subpar service might be the source of the problem. In that instance, focus on what your rivals cannot or will not do. If every other firm in your sector charges exorbitant prices, perhaps you can become the entry-to-mid level rival that people seek.
Everything begins with recognizing and resolving the problem. If you’re starting a business only to gain money or escape from the 9-to-5 grind, you’re doing it incorrectly. You’ll be compelled to return to your desk soon enough. If you’d like some affordable seats as you start out in your first office space, invest in wholesale plastic chairs and grow from there.
For these and other affordable products, consult product sourcing agents for more information and leads.
Potentially Beneficial Market Gaps
Hunger is one of Africa’s most pressing and critical issues. Agriculture, which was once a thriving and appealing business, has given way to white-collar occupations in cities. Because of the growing need for food basics, there are exciting potential in agricultural production and livestock rearing. There is also a lot of opportunity for enterprises that assist agriculture, such as livestock feed production.
In fashion, there have been people reacting oddly to certain fashion products such as perfumes. To do this, address the people in these gaps by researching on which elements of these products affect them, then create a product that lacks on that. For proper packaging, consider buying custom perfume boxes to suit your business needs.
Another potential market gap is setting third-party recruitment for companies that need to find talent in cheaper markets you have access to. Others include education, lack of electricity access, developing medication for certain diseases.
The Bottom Line
There are two main meanings of bringing in money by addressing business difficulties. You may earn money directly by fixing difficulties by running a consulting firm. In a more indirect way, many businesses generate money from consumers or clients by providing products with a problem-solving, helping mindset.