Brainstorm business ideas like an entrepreneur.
Discover how entrepreneurs come up with exciting new business ventures.
A huge part of entrepreneurship is identifying a pain point. A pain point is something that’s frustrating. Or it’s a kink in an otherwise easy process. Or maybe it’s just something annoying. And entrepreneurs use every resource available to find those problems. They lean on past experiences, technology, and even industry research to explore new opportunities.
But the key is what you do after you’ve identified a problem worth solving. So here’s a look into how entrepreneurs come up with ideas, and an exercise to get those creative juices flowing.
Find new ways to solve problems.
Once you’ve pinpointed a problem, it’s time to figure out how to solve it. Your solution has to be either completely new and original or it has to be faster, cheaper, and/or easier than other solutions already out there.
Let’s explore this with an example. First, identify a problem. In this case, you notice university students complaining about how much they spend on textbooks each semester. So your next venture could be selling digital textbooks at a lower price. All in all, you’ve found a new way to solve a problem because:
- It’s faster: Your solution delivers digital textbooks straight to student email inboxes.
- It’s more affordable: Students don’t have to pay for a physical copy or shipping fees.
- It’s easier: Students can shop online. They get to skip a visit to the physical bookstore.
It’s all about finding ways to make something a little easier. If you can do that, you just might have a million-dollar idea on your hands. And remember, sign those patent application papers before it’s too late.