In order for a business to be successful, the business needs to be solving a problem or an inconvenience for the consumer. This is what entrepreneurs and aspiring entrepreneurs need to be on the look out for. Finding unique ways that make consumers lives easier. When solving a problem in someone’s everyday life, this person is going to be willing to pay for it. In this day in age, time is money, and the consumer will be willing to pay for something that makes their life better in some way.
On a daily occurrence, people are faced with tasks and obstacles that in some way prevent them from doing something they’d like to be doing, or something they could be doing more efficiently. Steven Schussler provides an example in his book “It’s A Jungle In There” about when he was a kid working at a pool. Steven observed the pool goers activities, and noticed their habits. Steven noticed that there were always a group of people playing cards on make shift tables. Capitalizing on the fact that most of the money he made during this summer job was based on tips, he started to cater to these card players and their families. Steven would provide legitimate card tables, supply their favorite decks of cards, making sure he had their favorite drinks, an ample supply of ice, and just catered to their every need while at the pool. By making the peoples lives at the pool that much more hassle free, convenient, Steven was generously rewarded with tips. Every small task earned him a nice tip. For the decks of cards, he would go directly to the manufacturer and get them at wholesale price and make a profit on selling the cards. Steven was able to make a lot more money than the other pool workers, even the pool manager by doing what he did.
Consumers are always going to have problems, with these problems they will be searching for the best solution. In the article “Don’t Just Start a Business, Solve A Problem” by Thomas Oppong, he states to focus on something that is a must have, not something nice to have. The amount of choice on the market can over whelm consumers. Consumers expect and demand something better and different, and that is what you should strive to provide them. Try to solve real life problems that have a significant impact on their lives. If your product or service isn’t solving something significant in consumers’ lives, try to repurpose the business to emphasize what it is solving.
In life we are always faced with problems and inconveniences. Always be on the look for the next big thing. You never know where you might discover the solution to a problem and be able to turn it into a successful business.
Oppong, Thomas. Don’t Just Start a Business, Solve A Problem. Entrepreneur.com. 15 August 2014. http://www.entrepreneur.com/article/236522
Schussler, Steven. It’s A Jungle In There. New York. Sterling Publishing Co. 2010. Print