JOBLESS AND PENNILESS? Don’t mind, this one way how you can break even

The greatest mistake in life is to believe that employment is the only source of income. On the contrary, there are a million and one ways to make money outside formal employment.

Any concept (idea) can result in profits if it is turned into a tangible product or service is a business opportunity. For such a concept to earn you any money, it must solve an unmet need within the locality you are living in.

The most powerful world-changing ideas come from the experiences and challenges one has faced in their own life. Take a moment to consider the problems you are currently dealing with. These problems could be affecting your current business endeavours, your personal life or your home.

Chances are that you are not the only person facing these issues. Rather than wait for someone else to solve your problem for you, take steps to change the world by developing a business idea that directly addresses the issues you are facing. More importantly, understand that when you are addressing your own problems, you will be more likely to be passionate about creating and making available the best solution possible.

The solutions don't have to be complicated or demanding you to look for extraordinary means to do it, it just needs to a solution to the challenges that you face on a day-to-day basis. Majority of the most successful world-changing ideas don’t just offer new products or services. They seek to change the way people approach their day-to-day living.

Changing someone’s mental outlook will have a far greater reach and impact in the end. For instance, the Mama Mboga next to you realised your challenge to go all the way to the market for vegetables and decided to bring them right to where you are. That way, she solved your puzzle by coming up with a solution to your problem. That is why you readily pay for her services without a second thought.

That's exploiting the opportunities around her. Business ideas are about addressing an unmet need in the marketplace. They can involve one selecting an existing product or service from one market and offering it in another where it may not be available.

It can also bank on a tried and tested formula that has worked elsewhere.

How do you find the opportunity that’s right for you?

Any time you see an inefficiency in the market and you have an idea of how to correct that inefficiency, and you have the resources and capability — or at least the ability to bring together the resources and capability needed to correct that inefficiency — that could be a very interesting business idea.

In addition, if you see a product or service that is being consumed in one market, that product is not available in your market, you could perhaps import that product or service, and start that business in your local area. You should also ask yourself if the market real.

To identify a viable market for your idea, you need to ask yourself the following questions and if they are to the affirmative, then you have a market for your goods or services.

☛ Who is my customer?

☛ What does the customer want to buy?

☛ When does the customer want to buy?

☛ What price is the customer willing to pay?

There is no substitute for understanding the unmet needs of customers. This will allow you to discover whether you are able to supply those needs, at the price customers want to pay, and if you can still make a profit.

Another very important thing you need to do is to identify similar businesses so that you can know the gravity of competition to expect. Check whether they are supplying a similar product or service to what you have in mind. By doing so, you can understand better what need is not met at the moment.

That will also give you the opportunity to zero in on the price points and feature points of where you can differentiate yourself from existing players in the market.

Think Big, Start Small, Act Small

Lastly, it's every entrepreneur's dream to own a very big business. Nevertheless, one technique one needs to learn is the ability to think big, yet take small steps.

You may have big ambitious goals but you start to achieve those goals by taking small steps, one at a time. No matter how ambitious the plan, you have to roll up your sleeves and start somewhere.

Never compare yourself to someone who already has a big business or someone with a different financial or educational or career background. We all start from different places but we with persistence and hard work we can all get there and grow. So, believe in yourself allow yourself to think big!