DONT JUST START A BUSINESS, SOLVE A PROBLEM Yes, folks. Countdown to our next BIG Entrepreneur event is nearly here! Details coming soon!! Our events are often on a: First Come, First Served basis, so, Watch This Space over the coming weeks and apply or book early to avoid disappointment! ******************************* ATB Entrepreneur Corner Many entrepreneurs seem to have an attitude of Build and they will come only to find out later that, build, only for the customer to not show up. At ATB, we also get queries from people telling us that they would like to start their own business but are not sure what to do. Well, we hope the article below, which we recently read, will go some way in helping you all. DONT JUST START A BUSINESS, SOLVE A PROBLEM 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. And fortunately for entrepreneurs, there are still lots of room for improvements in 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 couple pieces of insight to get you started. 1. FOCUS ON BUILDING A MUST HAVE NOT A NICE TO HAVE PRODUCT - Consumers are overwhelmed with the paradox of choice on a daily basis. Attention spans are getting shorter in the age of multi-tasking and only a few products are getting noticed – with many being a solution for a must not want. The demand for quicker and faster results makes it difficult to fully satisfy the needs of consumers. 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. 2. SOLVE REAL PAINFUL PROBLEMS. Google made search better. Amazon simplified online buying and selling. Netflix solved on-demand streaming media. Uber is trying to make on-demand car service better. What can you make smarter or better? What is the one painful problem you can solve without struggle? To grab your customers attention, start by solving their needs. cut. If your product is not a must-have, you could still find a way to repurpose it to solve a pressing need. If you have been able to identify a crucial problem that you can effectively execute and deliver to market, you will be able to create a real business that matters. 3. YOUR BUSINESS SHOULD BE YOUR PASSION. Some entrepreneurs look to solve problems they identify with or feel passionate about. They choose this path because it is less about work and more about enjoying the journey. You will need all the inspiration, commitment and the perseverance you can get to make it as an entrepreneur, hence the 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 the 2013 MIT commencement address. Coupled with passion, is the ability to execute. IF YOU CANT DELIVER, YOU ARE NOT IN BUSINESS. Products with a real need are easy to market and you wont have to convince people about the existence of the problem and the need for your product because they identify with it. You dont want to start a business that may not survive. Do your homework, validate your idea and make sure you have a real market for your idea. DONT JUST START ANOTHER BUSINESS, SOLVE A REAL PROBLEM PEOPLE ACTUALLY HAVE, to increase your chances of success. With this in mind, we wish you the very best in your business endeavours! See link to original article - entrepreneur/article/236522
Posted on: Wed, 08 Oct 2014 12:00:01 +0000
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