How do revolutionary ideas and innovative products and services come into existence? Someone recognized a problem and came up with a solution, a better mousetrap.

Problems are Really Opportunities

For an entrepreneur a problem represents an opportunity to improve and grow. I think we should start a journal and 'collect problems' - observations about everyday issues and challenges. These problems can become business opportunities by investing some time, effort, and energy.

You Can Find Problems Everywhere

Customers buy products and services to solve some sort of a problem. On some level every product provides a solution to a problem. Whether the 'problem' is intangible or tangible matters not because it is the implication(s) of the problem going unsolved that motivates people to buy a solution.

What would happen if business owners and managers held a contest called the 'Best Problem of the Month' and rewarded the person who identified the problem?

The business would certainly improve and you might just stumble upon an innovation that could totally transform your business or at least provide a new perspective.

A Matter of Perspective

For entrepreneurs making a list of everyday 'problems' can become a list of opportunities. Here are some of the more familiar products and services that transformed entire Industries:

• FedEx: they say time as a resource to be leveraged and using computer technology and hustle transformed package shipping.
• One-Hour Photo -> Digital Photography: in the 60's I remember my parents waiting 1-3 weeks to get their photos back from the local pharmacy. One-Hour Photo put all the equipment into a nice neat package that reduced waiting time to a ridiculous level. Until digital photography gained critical mass and provided instant gratification and need fulfillment, hence Kodak's massive layoffs and plant closings.
• Drive-Through Banking -> Banking Machines -> Online Banking: waiting in line at a bank was terribly inefficient for customers and the banks. Growth was limited to how much a teller could process in a shift and how many tellers you had. Banking machines put the customer in control and providing the labor for the service(s). Online banking allow customers to pay bills, manage their accounts, make investments and apply for a loan or mortgage from the comfort of their home or office - reduced phone calls, travel, and waiting to talk to your bank manager. The bank gets increased efficiency by downloading tasks to the customer and automating the process created increased profits. The customer gets control and instant gratification and flexibility.

Open Your Mind - Keep Track of the Problems You Witness

As you go about your day make note of silly problems that confront you. They could be anything including company policies, customer service problems, order process - anything you see that just does not sit right with you. Write it down.

When you need some inspiration for an idea or a business opportunity review your list and see if you can leverage it into a business opportunity. You might be surprised to see someone make a business out of a problem that you saw and failed to act upon.

The power is in your hands. Cultivate a problem mentality it could change your business and your life.