The foundation of every business is that it solves a problem for their customers. It doesn’t matter what business model or niche you’re in as a business owner you are a problem solver.
A personal trainer helps people solve the problem of their health and fitness. A cell phone store solves the problem of communication.
In order to grow your business you want to continue to identify the problems your audience and customers are experiencing and solve them with products, services and improved systems.
You are therefore a “problem solver.” A problem solver is also an innovator – you come up with innovative solutions to problems. (Aka a Creative Problem Solver.)
One of the most difficult aspects of the “entrepreneurial mindset” is recognizing innovative opportunities and becoming a creative problem solver.
Peter Drucker, in his book “Innovation and Entrepreneurship, Practices and Principles,” lists several potential sources for innovative opportunity including:
1. Process Need
Process Need is the need for a solution arises from a process. For example, you’re cutting an apple and you want an easier way to remove the skin. Ah-ha! The apple peeler is invented
2. Industry Changes
Any new change to your industry provides new problems and new opportunities. Social media managers are an example of an industry created to solve the problem for an entirely new industry.
3. Demographics
As characteristics of the human population change so do the needs. For example, more self employed individuals means a demand for individual health insurance.
4. Changes in Perception
Perceptions change as cultures change. The “green” movement is a classic example of a change in perception. It has presented many new business opportunities and problems to solve. For example, “green” light bulbs.
5. New Knowledge
As we learn new things new needs and demands are created. For example, you learn that grape seeds help with weight loss, suddenly there’s a need for grape seed extract and supplements.
Innovative opportunity is all around you. The trick is to recognize it.
Thinking about innovative opportunities based on the above criteria may help you begin to develop this skill.
Becoming an Innovator and Problem Solver
It’s really a matter of recognizing opportunities and we’ve already discussed how to accomplish that. Next, create a process whereby you are able to document ideas as they come to you.
It may involve carrying around a small notebook and pen (or it may involve simply dictating your ideas into your phone or mobile device.
Create a habit of recording your ideas. The more you record them as they come to you, the more ideas will freely flow.
sources for innovative opportunitiesRelated posts:
How to Generate a Steady Stream of Ideas – Tapping Into Your Creative SideHow To Be More Open And Aware Of OpportunitiesWhat Is An Entrepreneurial Mindset And Why Is It Important?
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