Don't Just Start a Business, Solve a Problem You don't want to start a business that may not survive. Do your homework, validate your idea and make sure you have a real market for it.
By Thomas Oppong Edited by Dan Bova
Opinions expressed by Entrepreneur contributors are their own.
As long as consumers have problems, they will always search for solutions. People will always look for better, faster and smarter ways to accomplish everyday tasks. Fortunately for entrepreneurs, there are still many opportunities to improve existing products. That said, the biggest issue for most founders is finding these painful problems and matching them with the best solutions possible.
Here are a few insights to get you started.
Focus on building a must-have, not a nice-to-have product
Consumers are overwhelmed by choices on a daily basis. In the age of multitasking, attention spans are getting shorter, and only a few products are getting noticed — with many being solutions for a must, not a want. The demand for quicker results makes it difficult to fully satisfy consumers' needs. You need to be doing something different and better to make it in this world, as consumers expect and demand more than just another product.
Related: Creative Problem-Solving Strategies to Test Your Business Idea
Solve real, painful problems
Google made search better. Amazon simplified online buying and selling. Netflix solved on-demand streaming media. Uber improves on-demand car service. What can you make smarter or better?
Related: Want to Solve Problems More Efficiently? Do This.
What is the one painful problem you can solve without struggle? To grab your customers' attention, start by solving their needs; wants rarely make the cut. Even if your product is not a must-have, you could still find a way to repurpose it to solve a pressing need. If you can identify a crucial problem with a solution you can execute and deliver to the market, you will be able to create a real business that matters.
Your business should be your passion
Some entrepreneurs look to solve problems they identify with or feel passionate about. They choose this path because work is less about work and more about enjoying the journey.
To succeed as an entrepreneur, you will need all the inspiration, commitment and perseverance you can muster. Hence, you need to start a business you are passionate about.
"The happiest and most successful people I know don't just love what they do; they're obsessed with solving an important problem, something that matters to them," Dropbox co-founder Drew Houston said during a 2013 MIT commencement address.
Coupled with passion is the ability to execute. If you can't deliver, you are not in business. Products with a genuine need are easy to market, and you won't have to convince people about the existence of the problem and the need for your product because they identify with it.
You don't want to start a business that may not survive. Do your homework, validate your idea and make sure you have a real market for it. Don't just start another business; solve a real problem.
