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Inside The Mind Of An Entrepreneur

Anyone can be an entrepreneur, but not everyone knows how to think like one.  In this article, we will provide a creative twist on thinking processes you can use to solve issues you might have on a daily basis.

 

Stage 1: Create Bug List

  • A bug list is helpful if you want to create a product to fill a gap in the market but aren't sure where to start. Grab a piece of paper and jot down 100 things that "bug" you. These can be anything such as your shoes coming untied or your water bottle leaking. Once you have your list, narrow it down to five or ten.

 

Stage 2: What Problem Are You Experiencing

  • Once you have narrowed your bug list, you now need to understand what sort of issue you are solving as an entrepreneur. For example, if you hate putting gas in your car while it's cold outside maybe you create a gas station that has employees fill the car up for you. Then your customer never has to get out of their vehicle.

 

Stage 3: Identify The Gap You Are Solving

  • When creating a new business off an idea, you should be able to recognize the gap you are solving. For example, if other gas stations have people that already do this, you wouldn't be fixing a gap since that process already exists.

 

Stage 4: What Is Your Value Proposition

  • Next you need to have a clear understanding of the value you are providing to your customers. What value will your company provide that no other competitor in that market has. As a customer, if it's snowing would you rather have someone else pump your gas for you while you sit in a warm car, or would you rather do it yourself if the cost is the same?

 

Overall, these steps above will help you create the framework you need to solve and identify a gap for a target group of consumers.  If you think of the products of successful entrepreneurs, they typically solved an issue with a product category or saw a need for a product that would service a large group of customers.