TLDR:
- Find a successful product or service in a lucrative niche that you know you can improve, which you’re also genuinely passionate about.
- If possible, the niche should be unsaturated and have low barriers to entry
Coming across that gold mine you keep all to yourself
In essence, what entrepreneurship boils down to is problem-solving, but how can you find the one that is worth the salt?
One simple starting point is finding a successful product or service in a lucrative niche that you know you can improve, which you're also genuinely passionate about. Ideally, these should be segments that are unsaturated and have low barriers to entry.
By finding solutions on how a successful product or service can be improved, you’d be analyzing its pain points, in that you’d not only understand aspects that you don’t like that may ruin the user experience but also what the general user base dislikes as well. You’d also be leveraging existing market demand by diving into a lucrative niche with an already existing successful product or service, which reduces the risks associated with creating something entirely unheard of. Incorporating your personal passions into finding a problem worth solving ensures that you’re not only constantly dedicated and committed to the project all the way through, but also generate high volumes of creative solutions as a result of your genuine interest in what you’re trying to solve, rather than solely for monetary sake, which would help drive innovation in that niche. It’d also help better differentiate the enhancements you devise. For instance, if the problem you’re trying to solve is something you’ve had a passion for since childhood, you’d most likely be in the top 5% of knowledge in that niche depending to the extent you’ve followed it throughout the course of time. On top of that, if the segment happens to be unsaturated, there’s a great amount of untapped opportunities for growth, helping you identify unique problems that haven’t been adequately addressed at a category-of-one level as Alex Hormozi would say, by serving a unique avatar that addresses their unique and biggest concerns. The riches are in the niches after all! Low saturation also means there’s less competition in the market, making it easier to set up camp.
A low barrier to entry means that one can enter the market quickly and address problems sooner, as such agility allows for quicker responses to market needs and rapid iteration of solutions.
So what are you waiting for? Find an idea that you’re passionate about that just so happens to be addressed that you know you can enhance or completely revolutionize, and there’s the problem you’ve been seeking that is worth solving.