I'm familiar with lean methodology and aware that ideas don't really mean much, but at the same time I'd like to work on some big problem that's compelling. I know that I'll probably pivot a lot but just to start out what general problem would you reccomend I try and solve?
Most people have thought about being self-employed at one time or another. The reason for this varies because one has a good idea, because one would rather be his or her own boss, because someone wants to become rich, or even because someone just got laid off or fired. Being self-employed is not that difficult to accomplish. After working for a company for a few years as an IT specialist, accountant, or lawyer, many highly educated people begin working for themselves or freelancing. Many entrepreneurs do not have any unique product or service though; they are not any more brilliant or different from anyone else. They do the same as what they were previously doing as someone else’s employee. In the United States, 9.91 percent of the population is an entrepreneur and in the United Kingdom 10,6 percent. Many people around the world envision the USA as an entrepreneurial paradise. However, in 2008, the percentage of entrepreneurs in Europe was 12.1 percent. This clearly shows there is plenty of room for more entrepreneurship.
Entrepreneurs cannot lose their jobs – they have no job. They can only win customers. As a result, entrepreneurs act more flexibly and creatively. They have better circumstances to allow them to deal with rapidly changing conditions, new rules, and new media. That’s the reason why nowadays many large companies still have no idea where their place is on the Internet. Small companies dominate the Web. Remember that Amazon, Facebook, LinkedIn, Google, and so on started out exceedingly small. They were once nothing more than a garage start-up.
Every business must sell something. And to sell something to anybody, those anybody’s have to have a problem. If you sell golden rings, then the problem could be that someone is looking for an expensive gift or someone is so rich he wants to show it off. If there is no problem, there will be no business – and be aware, problems come and go. There was a time when one could make a living with repairing TVs and radios. But the equipment became less expensive, and the cost of repairing very quickly exceeds the cost of just buying new equipment. That development meant the end of a problem – the end of an honourable repair business. If you are thinking about opening a salon in a city where there are plenty of these shops already available, you had better have something special to offer, otherwise, business will probably be horrible. And if you think you have something special for your clients, and this special thing will satisfy your clients’ needs, then ask yourself, “How long could it take for the competition to copy my special thing?” If you want to know whether you have a chance, go to the local chamber of commerce. Ask for advice, figures, and details to support their point of view. How many businesses in your area of expertise began in the last three years? How many have succeeded? How many have not? You may find that you have found a gap in the market. You may also find that there is no problem you can solve, or that the market is already saturated with supply. You have some legwork for further exploration. How big (and how many of them) is the competition, and what is the quality they provide? How big is demand – the problem customers have, and how many of them are out there?
I will not suggest that you go out looking for a problem, instead try to find a gap in the market place, these are pandemic times and I am sure you will find many gaps in pandemic times.
A gap in the market is really just a way of describing a situation where a problem in a given domain is solved badly for some or all of those affected by that problem. And for an entrepreneur, the opportunity in such a situation is to create a better solution. In favour – because they are easier to implement – are solutions created by taking some established technology and applying it in a novel context. Be aware, ninety-five percent of solutions offered this way end up not bringing enough money in. Do your homework carefully. There is a chance you’ll find yourself looking at something that you could actually do, the problem you’ve identified is real, the existing solutions do fall short, and that your approach would be attractive.
In reality, you do not really need a “gap.” Just finding an underserved niche, or a niche where you can do better than others have, could be a great opportunity.
Some people investigate the market where they could see a healthy demand and produce a similar product to something already out there. It’s hard work, but after a while, and through talking to customers, you could work out what the next emerging trend will be in that market and focus entirely on it. Without starting in the industry in the first place – working in it, and talking with customers on a day-to-day basis –it would have been impossible to find this gap.
No idea for an opening in the market? Here is a five-step plan for exploring your possibilities:
1. What is your expertise? Be thorough in looking at what you know about, and think through how you acquired that knowledge, which will tell you something about how you’ll be able to build upon that base if you choose some unfamiliar context.
2. What motivates you? It is important to be motivated by more than the expected success; otherwise, you will not make it when things get tough.
3. What problems exist in your domain of expertise or in related fields? Problems could mean opportunities!
4. What means of access do you have to people, products, and resources in your target domain(s)? What actual resources do you have? What resources do you need?
5. Is there a gap in the market? Maybe you see a gap in the market, and you do not want to indulge in your ideas or be bothered with the ideas and concerns of your current work environment. You want to be able to switch careers quickly, and you do not want to be hampered by internal bureaucracy. You want to own the proceeds for your efforts and have had enough of others showing off your ideas. Then starting your own business is something you should seriously consider.
Besides if you do have any questions give me a call: https://clarity.fm/joy-brotonath