How can you use problem solving skills to identify new business opportunities?

- Identify Pain-Points & Customer-segments: Recognize existing problems or pain points faced by customers or within sub-industries. Analyze Market Trends and shifts in consumer behavior, focus on unmet needs or inefficiencies. TALK TO USERS! -Break Down Conventional Assumptions: Seek out primary sources of information and data to form a foundational understanding of the problem space, DON'T solely rely on external surveys! -Sandboxing: Design experiments to test the feasibility and viability of hypotheses, use critical thinking to evaluate the risks & rewards associated with each opportunity. -Prioritize Opportunities: Develop actionable plans to pursue selected opportunities, allocate resources effectively, and execute with agility.

L'astuce est, dans ce cas de figure très spécifique, de trouver un problème avant que celui ne se pose en évidence. Et c'est un processus qui doit être amusant. Imaginer un faux problème. Le cadre doit être ludique. Trouvez des problèmes et notez les. La note représente la probabilité d'existence de ce problème en l'état actuel. Plus la note est faible mieux c'est. Pourquoi ? Parce que de ce problème vous créerez un produit dont les gens n'ont même pas conscience qu'ils en avaient besoin. Comme l'ipad.

When you encounter a problem, the first thing to do is to understand why the problem exists and how it is affecting the market in today's world. Understanding the crux and then trying to understand how it can be made better is the basis of solving a problem. Define a solution and if it solves the problem, it's will automatically be accepted by the right target audience.

Something to consider before delving into the problem is to empathize with the affected person to clearly understand the root cause , and map out the as is state of their current situation and with this well nailed we can begin problem definition . With the problem defined we can ideate ways to tackle the problem after which we can transition into prototyping which can be carried out in two ways : low fidelity or high fidelity upon which we begin testing while applying lean principles to ensure we nail on our problem solution fit.

Start by identifying a problem or challenge that exists in the market or within your target audience. This problem could be an unmet need, an inefficiency, or a pain point that customers are experiencing. For example, suppose you notice that many people in your community struggle to find healthy, affordable meal options due to busy lifestyles and limited access to fresh ingredients. This problem presents an opportunity to create a business that offers convenient, nutritious meal delivery services.

What I like to do. 1. Define the problem or opportunity. 2. Dive into market research, gathering insights. 3. Brainstorm using cool techniques like mind mapping. 4. Evaluate ideas based on feasibility, market demand, and competition. 5. Develop top ideas further with prototypes and customer testing. 6. Strategically prioritize and implement. Techniques include reverse engineering, SCAMPER, design thinking, and the blue ocean strategy. Serve up ideas that keep businesses ahead.

The challenge with how most companies generate ideas? They look for “what they can say” in the market, and fail to take inventory of the “sea of noise” out there. If we ignore the sea of noise, we simply dilute any distinction and any chance of getting notice and attention evaporates. Undifferentiated ideas get lost in the ocean and become brands that wonder why they’re still thirsty.

Brainstorm potential solutions to address the identified problem. Encourage creativity and open-mindedness to explore a wide range of ideas. Consider different approaches, technologies, or business models that could solve the problem in innovative ways.Continuing with the example above, possible ideas could include a subscription-based meal delivery service, a mobile app for ordering healthy meals on-the-go, or partnering with local farmers to source fresh ingredients.

One of the best ways to problem solve is imagine it is someone else's problem. Ever heard really smart people say "I never follow my own advice." That is because is it sometimes tough to look inwards, to work on something you work on all the time. The best advice, the best solutions usually come from resolving other peoples problems. Then, discuss, brainstorm, pull apart, connect back up and see what falls out the other end.

The basis of any good business is to solve a problem. Problems are everywhere and in diverse forms. The goal is to pick a problem that has a direct influence on the target market; and that solution can be sustained over a long period of time. Business opportunity= solutions to problem= value to people.

Map the ideas in a matrix indicating complexity of implementation as well as impact. Complexity can either capture time to market or required ressources (human/financial). Impact would capture the incremental business expected behind the idea. Based on this initial analysis you can narrow down the set of ideas and identify the ones which should undergo a more detailed assessment.

Brutally honest evaluation is crucial to success. Often people generate a broad business idea to solve a problem THEY have. This is a good way to start because you are familiar with the problem and are passionate about solving it. But you can't be too in love with your idea. Make sure your objective about it. It is imperative to make sure enough people share your problem and that you have an solution that is sufficiently differentiated from the competition. This can be done with some simple qualitative and quantitative research. There is plenty of quantitative data available on line. Platforms like Gummy Search and Survey Monkey, and social listening platforms are good for qualitative research.

Mein Input ist hier: Immer eine verrückte Idee doch noch heimlich weiterverfolgen - und wenn es für einen Spass, einen Award, nur Social Media o.ä. ist.

In my experience it is getting easier to evaluate ideas when quantitative element is introduced. Think about different parameters which would help to pick the most promising ideas. 5-7 parameters would be enough to help you to converge the creative process. In addition, numbers provide rational behind any decision.

Assess the feasibility and viability of each idea by considering factors such as market demand, competition, scalability, resources required, and potential risks. Use criteria such as market size, growth potential, cost-effectiveness, and alignment with your skills and interests to prioritize ideas. Narrow down the list of ideas to those with the highest potential for success based on your evaluation criteria. For instance, you may find that the subscription-based meal delivery service idea has significant demand, low competition, and scalability potential, making it a promising opportunity to pursue.

Testing ideas should answer to important questions: 1) is the idea solving a customer need or pain point 2) does the idea fit with the brand Brand fit can either relate to whether it fits already as per current status quo or whether the brand can credibly expand in this space.

Develop prototypes or minimum viable products (MVPs) to test the feasibility and market acceptance of the selected ideas. Gather feedback from potential customers through surveys, focus groups, or pilot programs to validate assumptions and refine the concept. Monitor key metrics such as customer acquisition, retention, and satisfaction to gauge the performance of the tested ideas. Based on the results of testing, iterate and refine the business concept as needed to improve its effectiveness and appeal in the market. Continuing with the meal delivery service example, you could launch a pilot program in a specific neighborhood to test the service's acceptance, gather feedback from customers, and make adjustments before scaling up operations.

1] Set up survey/interviews with a targeted cohort 2] Beta test by releasing a limited version of your ideas to a select few group of high engagement consumers Use feedback to refine continuously.

In my opinion, MVPs are not to test ideas. Before creating a MVP, the idea should be clear. To test ideas, use surveys and data collection. As soon as the need for the idea is validated, start building a MVP. Use the MVP to test the solution design, not the idea. I always follow: "Test and fail hard and test again until you don't fail!"

Before you can test, you need a prototype. This is just a “rough and ready” version of your idea. It shouldn’t be perfect. It should be cheap, easy to put together, and relevant for acquiring feedback. Now you can test. Gather a mix of quantitative and qualitative data - i.e. not just stats and figures but also thoughts, feelings and behaviours. For example, let’s say you wanted to test a landing page, you could get quantitative data by tracking how many people click the conversion button. You could get qualitative data by watching someone navigate the page. The former would tell you how many people are likely to convert, the latter shows you how people interact with the page. Is it easy for them? Do they get “stuck”? Testing 101 🙂

Some of the best new business opportunities exist with your current clients. Maybe they oversee a different part of the business that you aren't currently servicing, maybe they want to expand into a new market or service line, or maybe they just need more support. Listen to them, identify their pain points, anticipate their needs and let them know how your team can help; you just might land yourself a chunk of new business! And bonus...it's a piece of business that is easy to get up to speed on because the relationship and institutional knowledge are already in place.

The biggest challenge is identifying the PROBLEM itself. We live in a world where tools are built before the problem even exists. And not all problems need technology to solve them. Some need marketing. A decade and a half ago, people did not like the wait time it took for lifts to go from ground floor to floor 25. Technology said move lifts faster. That wasn’t possible. So mirrors were added to lifts which kept humans busy and time felt shorter. Find the essence of the problem and the solution becomes easier to come by! 🙂

I recommend the following reading: - "The Innovator's Dilemma" by Clayton Christensen: A classic that explores how companies use disruptive innovation to create new opportunities - "The Lean Startup" by Eric Ries: A methodology for rapidly testing and iterating on new business ideas to maximize success - "The Five Steps to Problem Solving" by Edward de Bono: A practical, systematic approach to problem-solving and creativity - "The Art of the Long View" by Peter Schwartz: How to use scenario planning to identify opportunities and navigate uncertainty. - "The Hard Thing About Hard Things" by Ben Horowitz: A no-nonsense guide for entrepreneurs, this book provides insights on how to make tough decisions and build successful businesses.

IMO, A solid industry research is key to identifying any problem that could become a potential business opportunity. Once the market gap is identified, a rigorous SWOT Analysis can further define the road-map of the business opportunity.

When starting a new business or idea, one is always advised to niche down. But niching down depends on the industry. In some occasions it can be valuable to not niche down and to use multiple ideas throughout multiple industries.