WE are now in the year 2018, and if one of your New Year resolutions happens to be starting your own business, the very first step you must take is finding the right ‘problem’ to solve.
It is the essence of entrepreneurship to create new solutions that satisfy unmet needs. Yet, many businesses fail because they come up with products or services before even identifying the actual problem.
Searching for the right problem to solve could determine the success and longevity of your business venture because this problem will evolve into an idea that defines the bedrock of your establishment.
This means that your business framework, strategies, decisions and implementation will revolve around the issue you intend to tackle – the raison d’être of your entrepreneurial endeavour.
Obviously, this is easier said than done, for it takes patience, diligence and thorough research on the viability of the idea to ensure success in your business.
This crucial market research requires asking yourself whether there is a demand for such idea in the marketplace, if you will be faced with a high level of competition, or whether you have the capability and capital to provide a new solution.
It may be ideal to find a problem related to your passion, but it is much more meaningful when the problem can transform into an idea that leads to a solution that people need in the long run, instead of what they want now.
The question then is where can you find that real, ‘painful’ problem you can actively solve?
First of all, observe your surroundings and see whether there are things people do that upset them, waste their time, money and effort, or even hinder them from accomplishing their tasks.
Your surroundings could be a goldmine of problems that are in dire need of solutions, so stay sharp and watch your environment for potential business ideas.
Experiences can be a source of ideas too, so reflect on them, be it your own or people you have encountered. Not all ideas involve saving the world; instead they can come from minor grievances through our daily lives.
In your conversations with family, friends or anyone, who can be your potential customers, pay attention to their gripes. They might appear as trivial comments, but never discredit those and consider them as problems worth solving.
There is also a possibility that someone else has attempted to tackle a problem similar to yours, so analyse your competitors who have succeeded or failed, including their strengths and weaknesses.
Learning from them could prevent you from committing the same mistakes they’ve made, allowing you to build a competitive advantage that could push your business to greater heights.
This is a weekly column by SarawakYES! – an initiative driven by Faradale Media-M Sdn Bhd and supported by Angkatan Zaman Mansang (Azam) Sarawak – to provide advice and stories on the topics of education and careers to support Sarawakians seeking to achieve their dreams. Join us on Facebook, Twitter, Instagram and YouTube.