One of the best business ideas that you could start would be one that helps solve an existing problem. This is the reason why it’s a good idea to think like an entrepreneur when you’re looking for a business to start. This way, you can do something that’s going to help you and also help society and improve people’s lives in one way or another. Here are a few of the ways in which entrepreneurs can go about solving societal problems so that you can get some helpful ideas.
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Think About Underserved Groups
The first place that you need to look is at underserved groups in society. This is in terms of what you do as well as something that you’re passionate about. For example, if you’re a dentist or in a similar field of health, you could find out if there are any underserved members of your society. These may be those who typically have a hard time getting the services that they need when they need them.
That said, keep in mind that roughly one out of every five, or 20%, of children who are between the ages of five and 11 years have at least one decayed tooth that isn’t treated, according to the CDC. You can research to learn the details of the reasons why these groups have an issue getting the services they need. This can help you come up with a solution to help them.
Look Into Niche Areas of Your Field
Another way you can solve a societal problem and become an amazing entrepreneur is for you to look into niche areas of your field. This may reveal a number of gaps in terms of service provision or product availability. To give another health-related example, you may learn about things such as that the mosquito spreads more diseases than any other type of insect on earth. It’s single-handedly responsible for several million deaths and hundreds of millions of illnesses every single year, according to the World Health Organization. If you’re in the medical field, you could look for ways to help people who are most affected by malaria. You could also focus on availing treatment for a certain disease that’s spread by mosquitos so that you help people stay healthy.
Consider Lived Experiences
When looking for ideas for a business to start in order to revolutionize your community or even society as a whole, don’t forget to think about your own lived experiences. This means that you should think about issues that you may have faced while growing up. For instance, if you’re one of the over 60 million people in the United States that use septic systems, according to the EPA, you may have experienced a particular issue that’s specific to septic systems. Since this is an issue that you’re going to be very familiar with, you can be sure that it will be gratifying to find a working solution for it.
Do Competitive Analysis
Last but not least, you need to carry out a competitive analysis. This is going to help you find out whether the problem you thought about is worth investing your time and money on. Look at the other businesses that are addressing the issue that you intend to address. If you can find a more efficient or attractive way to solve the issue, then you may be able to make your business profitable. A good number of people will be happy to patronize your business if it served them better than competitors do.
These are some of the ways in which you can solve problems as a creative entrepreneur. You may have a good chance of scaling up and becoming a memorable business over time. Remember to plan well and make sure that you know a lot about the business that you intend to start before you start it so that it can be easier or at least more fulfilling for you.
