I don’t mean to venture into this somewhat paved territory; however, it came to my attention today that unlike most people, entrepreneurs are a type of breed that is slightly unsettling.
What do I mean by that?
Well, if you decided to abandon the security, consistency, and safety of 9 to 5 jobs, it means that you are either crazy or are unsettling. You may have also been swayed by successful stories of Steve Jobs, Elon Musk, Bill Gates and many others and that inspired you to quit your existing job and start grinding the pavement.
NO PROBLEMS, NO BUSINESS
Regardless of the type of entrepreneur you are, there are certain things that you must know. Your business has over 80% chance of failing if it’s not already. The reason is as simple as day; you’ve got no problems.
And here you might be asking, so what if I have no problems, isn’t that a good thing?
And what does a problem have to do with this?
Well, here is the issue, entrepreneurs aren’t business people, they aren’t developers, programmers, accountants, bakers or anything else. Entrepreneurs are problem solvers. For your business to be successful, you must first find a problem that you can solve.
If you’re not solving a problem, then no one needs your business, it’s simple.
Now here is another truth, don’t try to solve a problem that has been addressed already.
When starting a business, you must think of an issue that has not been resolved or has not been settled in a way that you can solve it.
Yup, I mean your Value Proposition!
So how can we fix this problem?
Well, this part is easy. (Not Really)
Here are the steps:
1. Find a problem to fix
2. Fix the problem
3. Find other people with this problem
4. Offer to fix their problem for them
Most new entrepreneurs report that the hardest part of creating a business is finding a problem that needs fixing. This part of the business development is not the hardest, the hardest part is seeing a problem that enough people have that needs fixing.
How to find a problem?
Just the fact that you are asking this question is on it’s own a problem. Well, no not in a good way, although it can be. Some people, I am sure are already earning income by answering this question for you.
You must look around you, ask people, read books and you will undoubtedly find something that frustrates the hell out of you.
When you do find that one thing, you are ready to start prospecting. Find out if it’s only you having this issue or is it, other people, as well.
I will tell you a little story.
While taking Japanese lessons on an online language platform, I became friends with my teacher. Through our conversations, I have learned that she was an artist and had a blog that discussed various aspects of Fluid Art in Japanese.
After asking her the length of time that she had her blog for and the number of visitors she gets on it, I was for lack of better word, surprised.
Without any marketing, content sharing or exposure the teacher had a steady flow of 500 unique users per day. For a blog that is under a year old, with no marketing or promotion efforts getting 500 unique views per day is impressive.
Why is it that this teacher was able to pull this off?
Well, simply put, there are no other blogs that discuss fluid art in Japanese that have the same amount of content. However, as we can see, there is plenty of demand for this type of information.
The teacher invertedly has established a niche blog with the right amount of traction to build upon and grow.
Now look back at your business, understand the problem, understand the solution and take a look around, is someone offering a solution similar to yours?
Are they doing it better than you?
If so, make the necessary changes.
In university, my business professor used to say. Organizations that are not able to change will fail. Try not to be one of those!
Now you may be thinking, why should I listen to this guy I know nothing about.
Well, I am the Master of Failure. I have failed more than any of you, but failing told be lots.
Failure has shaped my understanding of a business; it shaped my successes too.