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Two Rules for Business Start-ups

Entrepreneurship is the art of finding profitable solutions to problems. Every successful entrepreneur, every successful businessperson has been a person who has been able to identify a problem and come up with a solution to it before somebody else did. Here are the two rules for entrepreneurship according to Brian Tracy.

Find a Need and Fill It
First, find a need and fill it. Ross Perot, when he was working for IBM, saw that his customers who were buying IBM computers, needed help in processing their data. He went to IBM with this idea and they said they weren’t interested, so he started his own business. He eventually sold it out for $2.8 billion dollars. He found a need and he filled it.

Find a Problem and Solve It
The second rule is to find a problem and solve it. A secretary working for a small company began mixing flour with nail varnish in order to white out the mistakes she was making in her typing. Pretty soon, her friends in the same office asked if she could make some for them. So she began mixing it on her kitchen table. Then, people in other offices started asking for it, and she eventually quit her business and worked full time creating what is today called Liquid Paper. A few years ago, she sold her company to Gillette Corporation for 47 million dollars.

Always remember this, most great fortunes in the world were started with an idea and with personal efforts. Most great fortunes were started with the sale of personal services. This is called sweat equity. In other words, instead of cash equity, put in sweat equity. Put in the sweat of your brow to begin your business. You can learn valuable lessons operating on a small scale.

Here are two things you can do immediately to put these ideas into action:

First, find a need and fill it. Look around you and search for needs that people have for products or services that are not being met. One small idea is enough to start you on the way to business success.

Second, find a problem and solve it. Look around you for problems that you or other people have that are not yet being solved. Look for solutions that nobody has thought of and give them a try. One good solution could change the whole direction of your life.

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Do you want to transform your ideas to market ready success?

Hi! I am Emmanuel Oluwatosin. I am a Product Management Leader and Lean Startup Certified Coach. Let’s work together, I am determined to help your business grow with my knowledge. 

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