Think of any entrepreneur. Chances are, you thought of someone wildly successful. And I guarantee they made their money by fixing a problem. Don’t believe me? Think of a company that hasn’t solved a problem. McDonald’s made fast food a reality, Amazon brought the store to us, and Netflix made physical discs virtually obsolete. However, for every McDonald’s, Amazon, or Netflix, there are a thousand entrepreneurs who make money solving tiny problems. If you desire to live the life of an entrepreneur, you should focus on solving problems. To get you started, here’s a plan to think up your next innovation.
Step 1: Identify The Problem
This part seems easy enough, but it’s actually quite difficult. Instead of looking at a huge problem (such as world hunger) or an obscure problem (such as growing food on the moon) that has no easy answer, look to your everyday life. Is there a minor annoyance you deal with and wish you didn’t? All of us have these, and they’re great opportunities to brainstorm ideas.
Step 2: Research A Solution
Unfortunately for many new entrepreneurs, the problems they are looking to solve often already have solutions. Make sure to thoroughly Google your problem, as well as variations, to make sure there is no product on the market to solve it. If there isn’t, then you have your idea! If there is, you can always try to make a better solution, but I would suggest trying the current product first to make sure there is nothing wrong with it. If the product works well, go back to step 1 and try to find another problem.
Step 3: Create Your Solution
Whether you are the first to create your solution, or you’re trying to improve someone else’s invention, now is the time to prove your entrepreneurial spirit. Come up with a great solution, draw up blueprints, and work with a developer to prototype your product, if needed. You’ll likely come across several prototypes before receiving the one that stands up to your testing. At this point, you can contact a manufacturer and place your first order of inventory.
There is much more that goes into the process of creating a business, but none of that matters if you don’t have a product. By following these three simple steps, you will be well on your way to achieving the titles of business owner and entrepreneur.