Imagine the growth your business would get if it could provide a solution to a trending problem! How big will the business be when you look at every societal problem as a business opportunity? How many problems can you take advantage of?
Look around, how many problems need innovative solutions?
If you had to look at Google, Microsoft, Alibaba or any big company, they are driven by the need to address societal problems.
Seeing problems as a business opportunity is not only for social entrepreneurs, the solution being offered can be a great source of revenue. For example, garbage found in your area is a problem. One of the solutions is recycling or turning trash to light.
In the words of Jack Ma, “every problem in society is a very good business opportunity.”
Here are 4 reasons why you should see a business opportunity in a problem faced by your society;
- People need solutions to their problems: It is obvious that people will pay for a solution to their problem. If you identify a problem and provide an alternative solution that people can buy and is workable, then you are bound to making money. Not to rejoice from the problems people are facing, rather meeting people’s needs will help increase the business revenue and thereby promote growth.
- Easy to market: What is your reaction when you discover that your friend has a solution you have been looking for? Asking about how they got the solution is next right? A good solution is easy to market. Your solution should be marketable enough, that way those who buy your solution will market it for you. Information sharing for a solution found is done without thinking about it, that way you increase your marketing without paying for more.
- Innovation and improvement is easy: The more you offer a solution, it is likely you have understood it better and can improve on it. That way your business venture will be more innovative since you understand the solution being offered. More innovation and improvement in your solutions will result in more expansion of your business.
- Contribute towards development: Development in every society is not a one man’s show. You offering a solution, improves people’s lives thereby contributing to development. So you solving a challenge faced by society will contribute to development.
Remember that business growth thrives on the number of people or company its offering solutions to. The better the solution, the more revenue.
Some of the problems faced in society include; sanitation, health, education and business related problems among others.
What solutions do societies need based on current problems?