Turning problems into business opportunities is a skill most people do not have, and because of that, they remain ordinary people. Luckily, Uganda is one of the highest-rated countries in enterprise creation, according to Charles Ocici – Executive Director of Enterprise Uganda. As a country, we have people that are good at identifying problems and turning them into business opportunities.
However, developing entrepreneurial skills is not easy. It requires you to always be on the lookout for opportunities. You need to understand people’s problems and turn them into great business opportunities. It is not accessible to most people, especially if they do not have financial and entrepreneurial literacy.
Successful entrepreneurs have always mastered one thing. They always look for business opportunities from the problems of others. Where there are problems, there are still opportunities. That’s one crucial aspect you should ever get into your mind if you want to generate viable business ideas.
For instance, the death of a person affects many people, especially relatives and those benefiting from the deceased. Surprisingly, other people benefit from it by selling coffins and other items related to funeral arrangements. Even the church benefits by getting offertories when people go to pray for the deceased. Do they pray that people should die? Of course, that’s not the case. Naturally, bad happenings tend to create opportunities for others. Usually, where there is a problem, there are always people to benefit from it. That’s how life is.
Likewise, when your business collapses for some reason, it creates business opportunities for some of your business competitors to become stronger. As you lose, they benefit from the situation and take your customers.
How Can You Turn Problems Into Business Opportunities?
Online Business Opportunities
Keep on the Lookout for Opportunities
There isn’t much thinking apart from keeping yourself awakened whenever a problem arises. It could be a community problem, a problem in your country or the whole world. All that you need to do is look at the positive side of the problem. Ask yourself what business opportunities it creates.
For instance, I know a gentleman who benefited from the drought that stroke the entire country over a long time. Wells, dams and some small rivers dried up. People with animals like cattle started selling them cheaply because they were dying for lack of water and grass. This gentleman took advantage of the drought, went to the villages and bought hundreds of cattle cheaply. He brought the animals to his farm, looked after them for three months, and then sold them slowly at abnormal profits. He made good money.
In a similar scenario, there was a time I bought a plot of land in an estate where there was no piped water. There was no indicator of having water, even within the following five years. One person took advantage of the water scarcity to dig a borehole in his plot. He spent the right amount of money drilling it, but he made a lot of money selling water to neighbours for home usage and construction purposes.
Seek Support from Others to Help You Identify Opportunities
You may not identify business opportunities by yourself. You can consider seeking support from others through brainstorming if you cannot solely come up with the ideas. With the help of others, you can come up with great views.
You need to know that every problem holds real business opportunities. Instead of focusing on the negative side of the problem, you need to think about its positive side. For instance, losing a job can create a great opportunity of starting a business. It can also help you learn that situations change so that you do not have to waste any opportunity coming your way. Problems create a learning platform for everyone to improve. We gain knowledge from our life experiences.
Turn your Problem Into a Business Opportunity
Problems Opportunities
Most successful entrepreneurs have ever had issues and problems that could have led to the collapse of their businesses. It’s rare to come across a successful entrepreneur who has never had problems. They all have ever lost money at one time. But what makes them successful are their high persistence levels and ability to learn from their past mistakes and problems. When you get challenges, think about how you can insulate them and turn them into business opportunities.
I have a wealthy friend who regretted tying up all his working capital in a building he bought that needed renovation first for him to start earning from it. That was one of the biggest mistakes he made that almost led to the collapse of his business. He had to pick a big loan from the bank to sustain his company, which he paid through the nose.
I have also seen people praise their former employers for firing them simply because it enabled them to start a new life and identify significant opportunities. Every problem presents learning lessons to people. When you get sacked from your job, it may change your way of thinking and start your own business.
Learn to React Positively to Problems
Business Opportunity Ideas
To turn problems into business opportunities, you should respond positively to the issues. For instance, if your city has the problem of traffic jams, consider using other alternative ways of transport like buses, trains, taxis, motorbikes or bicycles. It may enable you to save some money and invest it in another income-generating activity. You will be better than someone who insists on driving his car every day through the traffic jam.
Conclusion
As I wind up, let me remind you that viable business ideas are those ideas that people come up with when people identify the problems that others face. Developing a successful business idea depends on your ability to identify the issues of the people you encounter and turn them into business opportunities. Please take advantage of other people’s problems and turn them into a profitable business. Always think about the positive side of the issues to come up with great business ideas. It can enable you to start and grow your successful business.
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