Unlocking a New Opportunity
Problem = Opportunity
Every successful venture starts with an opportunity. But what is the key to unlocking a new opportunity in the market?
You can think of an opportunity in different ways:
What trend is it a part of?
What is the underlying technology?
- What kind of talent will you need to make it into a reality?
New entrepreneurs often have a misconception that creating a successful venture is about discovering a million dollar idea. This is entirely wrong.
A successful venture happens when you can identify a specific problem for a target customer, and solve that problem better than anyone else.
What’s more, the more specific a problem you can identify, the better you can provide the right painkiller to solve your customer’s unmet need.
When you solve a problem better than anyone else, customers will be willing to pay for your solution and you will have a business. But if you have a solution without an underlying problem, there will be no reason why a potential customer would want your solution.
So, if you ever want to find the next big opportunity, look for problems and solve them better than anyone else.