Before you start a business idea, do this!

If you live in places like Lagos, Nigeria or some mega city with a very dense population, there is so much going on. Both positive and negative. There are challenges that you see and wonder why on earth are things this way. Get stuck in a traffic jam on the Lagos third mainland bridge and you will understand what I am saying. Well, the truth is that great business ideas are developed by wanting to solve these daily challenges or issues.

Sometimes, the urge to solve these pressing issues with a business idea, can supersede the need to do your homework before starting. More of the time, rush to success or to become a millionaire is what prevents a good homework to be done prior to launching the idea.

 a problem is always the driver of a business case”

Many start-up launch and closing up within the first one year. You might wonder if there is a secret trick that would keep you immune against start-up bankruptcy. Nope, there is no trick, there are just some basic rules to keep in mind. Here is the rule 1 never to forget >

Rule 1: Your idea must solve a problem for its potential customers.

How to start a businessIf you have a great idea but the people you expect to pay for this idea do not see its need or relevance to their lives, you will never succeed. That is why the very first question, you should be asking yourself before starting off any new ideas or expanding on your current business, is if you are actually solving a problem for someone.

How do you know what a business problem really is?

A problem is basically something that causes discomfort to either people, animals, things, structures or our environment. Defining the problem you are solving for your customers is far and away the most critical element of your business plan and crucial for your business success. Look at you environment to see the problems you are passionate to find solutions for and then go further to see how others are solving just the same problem. A problem must not be a huge thing like house collapsing. this part of problem finding is actually the very first step when you create your business plan.

Great businesses solving problems.

Let’s take a look at some simple problems solved by amazing business ideas around the world. In large cities like Lagos, working class hardly have time to complete grocery shopping. Not to think of the traffic jam after work hours. Well Supermart discovered this problem and created an online solution to offer almost everything you can buy in a life supermarket and they deliver it to you. Amazing right?

Your to do:

Identify the problem that you think you can solve. If you want to learn more about how to identify a problem in order to create a best business case, visit our online business course to learn more on how do you identify the problem? 

Please feel free to leave a comment.

Cheers, Joana

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