Business success lies in the formula that solves a real-life problem. But the problem is, most of the people do not know where to get started. They are unsure how the products or the services will work as problem-solving enterprises.
Learn From the Experience
Think about the work you have been already doing. This will help you to know what challenges you have been facing in the past some time and what all are the challenges that people avoided because of your work.
It does not matter how you spend the first half of your life in your career; you will learn to be good at something. It can be anything from starting a bakery or starting a small general store. The experience will help you learn something. The experience will help you to develop problem-solving skills.
Applying this Knowledge
Marketing efforts for your startup begins when you find a sufficient number of people who are interested in the niche. You then need to connect with these people and their community in the ways that are valuable to them. You no longer want to market things to everyone; rather, you want to market to the people who respect the value of the knowledge you have about a business domain.
Rick Terrien, the creative, collaborative business leader states that when he co-founded an engineering-based business at the age of 45, he learned all the know-how and tricks of the trade that he learned from his father several years ago. He said that he was not a very smart person at that time and had very less experience and exposure than others in the market.
However, all he had was the knowledge of things that do not work. He also had an experience that can be applied to a wide range of problems in the general field.
Terrien also stated that the technology that they were creating and marketing had a very small market. There were as few as ten potential customers in each state in the United States. Still, the team was able to crack open the customer base as they knew what will not work. The company started to generate high sales and even were able to ship items to other countries. The business soon developed a devoted customer base across six continents. They also received several business and innovation awards. All this happened because they know what all will not work.
Identify your Skills
People often do have skills they do not identify and appreciate. It is thus recommended to identify your skills and nurture them to get the best out of them. Terrien asks the entrepreneurs to have a thought about these questions:
- What are the problems that you have been facing in your real life?
- What frustrates your friends and family?
- In which area are you passionate about?
- Do the problems faced by the people fall under some defined niches?
- Can you develop some products or services that can help to solve these problems?
Answers to these questions will help you to build your business. Think about how these problems can be solved by creating a business idea out of them. Not all problems can be solved. However, you can identify what you can do to make things easier.
Source – Entrepreneur