Thinking Like an Entrepreneur: Spotting Opportunities Every Day

Photo Courtesy of Dukes Impact Challenge by Ella Stotzky

Many young people dream of becoming millionaire, but do not know how to achieve that. Entrepreneurship can be seen as an intimidating route to becoming a millionaire. In reality, entrepreneurship is seen as something much simpler: solving everyday problems. Entrepreneurship can be very intimidating to most, but I am here to break it down into simple terms and show that anyone can be an entrepreneur.

At its core, being an entrepreneur involves having the right mindset to succeed. With the right mindset and effective problem-solving skills, even the smallest idea has the potential to grow into a successful, and even a million-dollar, business

1. Solving a Problem 

The first step to thinking entrepreneurially is learning how to spot problems. This can often start with small everyday inconveniences. Small problems can include forgetting your keys or opening a jar, as they reflect real frustrations. Making a list of daily frustrations that you and those around you face can lead you in the right direction to a problem worth solving. When choosing a problem, keep in mind how you can leverage your own unique skills and your core competency.   

2. Research the Competition

Once a problem is identified, the next step is to research. This involves researching any existing product or service that can be a competitor to your solution. Doing this can help gain insights into consumer behavior and market trends. By analyzing what already exists, you can identify gaps or weaknesses in the market or opportunities where your solution could stand out. This step is essential for building a strong and informed business strategy.

3. Validating an Idea 

The last step in the entrepreneurial process is validation. Before investing time and energy into a business idea, it's crucial to confirm that your idea solves a problem and meets your audience's needs. One simple way you can do this is through feedback, such as surveys and focus groups. An effective approach can include creating an MVP, a minimum viable product, which is a prototype of your idea, and using it with early adopters. This will validate your idea through real feedback. 

The two main factors you want to keep in mind throughout this process are: whether it solves a problem and whether it meets the needs of your audience.    

Going through these three simple steps of finding a problem, researching the competition, and validating shows that being an entrepreneur is not as intimidating. Many successful businesses were made by solving simple everyday problems. One example of this is Venmo; two friends were frustrated about paying their friend back with a check and created Venmo.  Thinking like an entrepreneur means recognizing that opportunities exist everywhere, you just have to be willing to look for them.