Ideating—the first step in becoming an entrepreneur

If one is seriously wanting to be an entrepreneur, what one needs to do is instead of thinking of random ideas, the focus should be on solving problems  consumers are having that current companies cannot or wont address.

  • The financial services sector is one sector which has many problems which can be addressed. There are many aspects of this industry that needs to change so that investing becomes more inclusive transparent and straightforward. Millennial’s often have no clue about investing although they are beginning to save now.
  • Healthcare industry is also ripe for disruption. With video communication ,the gap between patient and doctor is becoming much easier. Already ten minute clinics for simple health care needs have come up.
  • Fashion Clothing will always be disruptive as styles and tastes change. There are unlimited sources to buy fashion products but its not always easy. Scope exists for –

a)Online services that knows what clothes would fit us well across all fashion brands

b)Help us seamlessly move across various websites and see highlighted clothes that will

fit us.

  • Disruption is also happening in the insurance industry. The rising generation of Millennial’s do research and weigh options online instead of relying on traditional agent. Online instant direct-cheap products can bring a revolution in Insurance.
  • Similar is the case with legal services.There is opportunity in this industry for providing niche services.
  • Moving industry ,which is a $12 billion industry is overdue for disruption.There is opportunity for a company to come in, professionalize the industry.
  • Home furnishing is already disrupted but more scope exists.

Prospective entrepreneurs can ideate by just looking at large industries that seem to be stuck in terms of innovation and compare that to large customer  segments  who are frustrated. Solving the frustration could lead to creating something amazing. 

#entrepreneurship  #ideating  #startup

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