If you’ve ever thought about starting a new business, then it’s likely that you’ve begun looking for advice on what to do and the best approach to follow.
The truth is that there are tons of tips and guides for starting a new business, and without proper guidance, entrepreneurs often find it hard to put their thoughts together and come up with a solid plan.
Also, it can be very tempting to jump on the next reigning or hot idea, but if you don’t have any mission or framework in place, then you’re most likely to fail. In this article, we’ll discuss the two secret ingredients necessary for a successful business.
The article will help you to understand the importance of problem-solving and how you can leverage it to build a sustainable and successful business. If you grasp the two secret ingredients that we shall be discussing, then you’ll excel in business.
Let’s dive right into this.
Building a Successful Business.
If you want to build a successful business, then you need to ensure that some things are properly put in place. This is because building a successful business is challenging, and it’s not a task for the faint-hearted. It requires plenty of passion and as much of your energy and time as you can spare.
Unfortunately, It’s proven that 9 out of 10 startups fail and many companies don’t officially leave the startup phase till they’re five years old. This statistic isn’t meant to make you disheartened or discouraged. Pinterest, Facebook, Instagram, Airbnb, and other famous companies were once ideas waiting to be implemented.
If the owners of such companies were passionate enough to build a highly successful business, then you too can do the same.
The reasons behind each company’s success story aren’t always the same. However, if you critically look at these successful businesses, you’ll notice something very common with their owners.
They found a solution to a problem and also love solving the problems. It’s just simple and straightforward: passion and problem-solving are essential elements for starting a business.
That said, we’ll now discuss these two secret ingredients necessary for building a successful business in detail.
First Secret for building a successful business:
Find a Solution to a Problem.
The easiest way to build a successful and sustainable business is to come up with a business idea that solves a problem you have.
One of the most deadly and common mistakes that you need to avoid in entrepreneurship is the mistake of creating a solution before identifying the problem. It has to be the other way round – identify a problem (pain point) that you want to solve and then build a solution around the problem. There are no two ways about it.
It’s very important to first identify the problem because it’ll serve as the foundation for your company.
Essentially, every business starts with a viable idea. If you want your business to thrive, then you need to offer a solution that no one else has offered.
While you try to get an insight from the last paragraph, it’s also good to note that not every entrepreneur can come up with a unique solution or business idea. It’s possible that there are hundreds of solutions or businesses just like the one you’re trying to build.
However, you can build a better business and solution by asking yourself questions like:
- Has anyone proffered this kind of solution before?
- If yes, then what do I need to do to make my solution stand out?
- Do I love the solution I’m building?
- Will I be able to build something that people will love?
You may have the best business ideas or solutions, but if it doesn’t solve people’s problems, then it’s not going to succeed. So, one way to find a solution is to listen to frustrations (both from yourself and your associates, friends, neighbors, and family members).
Once you’re able to identify the problems, then you need to:
- Find out if you’re passionate about solving the problem
- If yes, then look for ways to address the pain points
- Identify the skills needed to provide the right solution
Viola!! When all these are strategically combined and implemented, you already have a business idea or solution to a problem.
In a nutshell, your chances of success will be increased when you solve a problem that either you or people have.
Second Secret for building a successful business:
Love Solving the Problem.
When building a business, passion is a very important element that comes into play. Most successful businesses and entrepreneurs today don’t only develop any kind of business solution. However, their solutions are centered around certain pain points that they love to address.
If you start a new business with the intention of making money, without thinking about the kind of business you want, then you’re more likely to struggle or fail. The reason is simple.
Creating a business can be quite tough, and when things get too challenging, money alone can’t keep you motivated. You need to love the business solution you’re trying to build – sometimes, it’s the love for what you do that can keep you going and motivated.
No matter how experienced you’re or how long you’ve been in business, we all face challenges and go through hard times. That’s why you’ll need all the perseverance, commitment, and inspiration you can get to succeed as an entrepreneur. When you don’t love what you do, then you’d most likely quit during challenging times.
Your passion doesn’t necessarily have to be “extraordinary” – it can even be something you love and believe in. For instance, Monique Filer and Danielle Michaels (founders of b.box) were passionate about creating unique and new products that solve problems faced by parents with young children. They have been able to create an award-winning and multi-million-dollar solution that positively impacts parents over the world.
In the real sense, the things that make you happy aren’t random – they’re connected to your purpose, and you can leverage them to build a sustainable business.
We also do understand we’re not all created to do something big and that it can be difficult to find what excites you.
It’s also okay if you have no idea of your purpose or calling. One way to easily identify this is by following your curiosity. What do you love to do? What interests you? What lights you up? Ask yourself these questions and see where the curiosity takes you to.
You can improve your chances of building and running an amazing and successful business with the two secret ingredients that we discussed in this article.
First, you need to find a problem and then love solving the problem. You need to dedicate your time and energy to creating a solution to a problem you love solving. This is a surefire principle that works every time.
Do you have questions or thoughts on the two secret ingredients necessary for a successful business? Please sound them off in the comments section below.