If you want to start a business today and you aim for a big market, identify a problem faced by a large number of people, look at what other businesses are doing and then see how you can better it.
Great and profitable businesses are not those that solve special problems, but those that solve common problems in a special way. In this day and age where there is a surge towards entrepreneurship all across Africa as a way of reducing the rate of unemployment, many will try to brainstorm and think of those unique and special problems they can provide solutions to and on them build a great and viable business.
The whole world of entrepreneurship is built on identifying problems and and providing solutions to those problems. We have many basement entrepreneurs trying to come up with the next best thing, the motivation is great, the intentions are right, but most entrepreneurs are searching in the wrong areas. For a profit oriented business, the downside is, unique problems are only faced by few unique people, what happens to the business when those few people facing that problem find the solution? The business goes into extinction.
The idea is to position your business within a sector, providing solutions to a “common” re-curing problem, faced by many people. Great businesses have walked into seemingly con-jested markets, markets with common problems and brought in innovation, unique solutions to common problems. For example, UBER; the common problem of transportation which has a lot of businesses thriving on it. From the million taxis, subways, buses and the like; They looked at that seemingly con-jested market, with a common problem and looked at a way they could provide a unique solution to a common problem and now they are worth billions.
The next great invention could just be that thought that comes to your mind when you are frustrated at the poor service you got the last time you went shopping. With innovation, you can walk into a market dominated by giants and thrive. Consumers are always looking for a better good or service and when they find it, they settle until something better comes along. That is why great businesses invest a lot in research and development, because the innovation of today may not be convenient for the needs of tomorrow.
The world is now a global village, we are all inter-connected as a result of the increase in technology. As much as this is good, it also entails that there is inter-dependence in various sectors and indicators of economies. A slight change in the transport sector innovation will have a ripple effect on almost all businesses across the world in due time. Businesses should continuously re-invent themselves in order to thrive.
If you want to start a business today and you aim for a big market, identify a problem faced by a large number of people, look at what other businesses are doing and then see how you can better it. Your great invention could just be a product of the last poor service you received. Do not be afraid of looking for flaws in multinational companies, study there business and see where they are missing it and how it can be improved.
Even when there was Facebook and Twitter providing social networking services, Snapchat still identified an area in which they could position themselves with their own innovation and now they are thriving in a market that seemed to have great giants. Even when we have the greatest latest cars being produced by the likes of Mercedes, BMW, Ford, Rolls Royce, Ferrari; Tesla saw this common problems dominated by giants with years of experience and brought in electric cars. Great businesses do not thrive on solving unique problems but solving common problems in unique ways.
The social pressure is, do not do the business everyone else is doing. We hear people say, there are people already providing real estate services, educational services, transportation services or internet services but that should not deter you. If you can find a better way of delivering those services then go for it.