Identifying business opportunities is the most difficult part of being an entrepreneur; it is also the most critical. If you don't solve an important problem, nobody will pay for what you're offering (no matter how cool it may seem to you)

My birthday is coming up shortly (I'll be turning a cool 27), and as usual, I've been asked for a list of things I need/want. Believe it or not, this 'Birthday List' is actually an excellent analogy for identifying customer problems (always interpret 'customer problems' as 'business opportunities'). Here's how


Birthday Lists: 2 Possible Outcomes
We've all been there (especially at a very young age): Somebody asks you for your birthday list or wants, and you rattle off a few items you'd actually like to have. The eventual gift-giver, now has 2 options:

1. Listen to my want/need
2. Decide for themselves what I'd like

We've all exercised the second choice at some point. We rationalize it as "I know he asked for movie gift certificates, but he'll love this sweater" (evidently, he won't). Other people do it to us too ("I know you wanted that particular t-shirt, but I decided to buy you this book about the political system in 1800 instead"). Why don't people (us included) simply stick to the list?


Customers don't care for your opinion
Your customers express their problems ('Lists') all over the internet. It's very easy to find complaints about their needs/wants that are not being filled. You need to understand that they know their needs better than you do

If lots of people ask for an app that stores a simple grocery list, then build exactly that for them. Don't build them an app that lists the manager at every grocery store in a 10 mile radius (even if it seems cooler to you)

Unfortunately, most entrepreneurs fail to realize that you need to listen at all. Most will come up with an idea (that sounds cool in their head), and then build it. Next, they try to find customers who can use it. This is a guaranteed way for your company to fail

If you want to create a product people will buy, use their wish list; you don't like having your wish list ignored, and your customers don't either. The only difference between giving a bad gift and creating a bad product is that you won't get the pretend 'Thanks, I love it' reaction; they simply won't buy it at all

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