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turn problems into opportunities

How Solving A Problem Can Create Business Opportunity?

Use Creativity To Explore Opportunities

As long as consumers have problems, they will always search for solutions. They will consistently search for better, quicker and more intelligent approaches to achieve everyday tasks. Fortunately for entrepreneurs, there are still plenty of room for upgrades in existing products. The greatest challenge for most innovators however, is tracking down these painful problems and matching them with the best solutions possible.

Take a look at some of the ways you can turn problems into opportunities:

Problem: Overweight and Obesity
Opportunity: Exercise Classes, Weight Loss Diets, Larger Size Clothes, Diet Drinks or Foods

Problem: People taking longer trip times due to traffic
Opportunity: Billboard advertising and more demand for entertainment on the move

Problem: In this day of high speed life, people don’t have time to sit down and eat
Opportunity: Create a fast food franchise that serves hot food within minutes for customers to take away and eat on the move.

Problem: Increased drinking on people
Opportunity: Diet drinks, Drink dispensers, Low-Calorie alcoholic drinks, vitamins, more fun drinks and definitely more counseling

Problem: Spam is everywhere now
Opportunity: More demand for new software, better firewalls and more experts needed

How to go about turning problems into opportunities?

Identify the problem – Don’t ignore your customer’s headaches. Ask yourself: Is there anything you are not doing that you could be doing to serve them better? The more you learn about your customer, their customers, and their business, the more you will understand how you can impact their bottom line.

Do overall market research – Many questions can be answered by market research. What is the current state? Where is the market going? Who are the main players? How do consumers feel about the current solutions to their problems? How can you meet their needs better?

Get a team in to collectively debate the problem – When group members are interested in the problem, they will be more engaged with the problem-solving process and invested in finding a quality solution.

Apply creative thinking and problem solving strategies to identify a business opportunity – Through creativity, you can come up with the most unthinkable ideas and bring innovation into existing practices. It is the ability to use your imagination. Imagination that will lead you to reach never before explored areas.

So what problems have you faced recently? Can you nail it down and turn it into an opportunity?

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