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Business Management analysis

How to Identify Pain Points as an Entrepreneur

This topic is actionable, as with every other article on this channel. It’s something you can immediately implement into your life. It also feeds well into the starting a business narrative you guys have been anticipating. So, how do you identify a problem to solve?

The good thing is there is an abundance of problems out there just waiting for you. The bad side is you might not be the right person to fix some of these issues. It's unlikely you alone could stop the ice caps from melting due to climate change so here's a scientific approach to figure out which problems to target;

1. Start by analysing your environment, look around you.

2. Start listening to all the problems that you encounter day to day.

3. Figure out which of your problems you have the necessary skills to fix.

4. Proceed to fixing them.

5. Pay close attention to what it took to fix the problem and if the process is repeatable.

6. How do other people deal with this issue? What other options are out there?

7. Is your solution better or at least as good as the alternatives? And

8. You just found yourself a valuable service or product.

It really is just that simple. The biggest mistake most people make is they believe they should solve big problems that have nothing to do with them and where they have no knowledge or competitive advantage. Instead of looking outward to identify problems to solve and markets to serve, entrepreneurs should focus on their own frustrations. The unique solutions they come up with will have a natural market filled with customers just like them.

Another mistake new entrepreneurs make is they believe their solution should be perfect. Since the beginning, they fixate so much on non-important issues like the way the logo looks or what the company slogan should be. They never end up pushing their solution into the marketplace and getting real feedback.

Getting data from the marketplace allows you to learn more about the customer and seek ways to improve your solution. It will take several iterations until you'll be able to get it right but that's the beauty of trial and error. Most people try once, fail and then give up but if you continue to adjust and improve your solution by testing it out in the marketplace, you'll get valuable insights from potential customers. You'll find out new problems which your product or service can address and build on that.

Thanks for reading. See you in the next article.

Content created and supplied by: InfoLab (via Opera News )


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