I’ve built my life around seeing opportunities where others see obstacles. As entrepreneurs, we should always live eyes-wide-open, and learn how to view problems as a means to creating solutions. As business leaders in different industries, we should be doing the same and figuring out how to harness new technologies to catapult our businesses forward, similar to what we’re seeing with AR in automotive and with small business.
I started my agency (Agent Beta) that way by hunting around on Craigslist in 2013 to see what the majority of people were posting for.
I recently caught up with Matt Dubois the Founder of Voice Casting Hub, who, in the past few weeks has identified a major problem in a legacy industry, quickly assembled a team, brought in investors, and has built a company that is in discussions with some of the biggest players in his industry, all within a matter of weeks. I also connected with Mark Mastrandrea, the Cofounder of Ikonick, to ask him to provide some tips as well.
We all shared some tips and suggestions as to how to identify problems and execute on those opportunities.
The most successful entrepreneurs I know, understand how to sniff out unique opportunities, test and execute more efficiently than their counterparts. Here are some tips on how to identify and execute on new ideas:
1. Identify problems.
Most opportunities disguise themselves as problems. They can arise from new technology or products entering the marketplace where other people may not yet know how to harness those technologies, think chatbots, cryptocurrency and AR.
As Mark explains, “any business opportunity that comes my way, I look to the DNA of the problem and where the opportunity stems from. I dig into the problems that have created those opportunities, to figure out if I can provide the proper solutions to those problems. If so, I act quickly and move fast on seeing where I can create value and potentially be involved in the project.”