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Introduction
Entrepreneurial vision refers to a unique perspective on the world that enables us to identify and address market gaps through business opportunities. If we can train our minds to look for opportunities around us, we can unlock our entrepreneurial mindset. In his speech, noble laureate Professor Muhammad Yunus said, "Every human being is an entrepreneur." This quote means that every individual takes initiative throughout their lifespan to develop something for themselves or the human being. It can be, for instance, a new way of working, a new method of making something, new strategies to think about surroundings, and new ways of entertaining ourselves. If we think of ourselves, we will find our entrepreneurial entity because people always bring about change by taking initiative. This can bring a simple shift by finding opportunities to make something more flexible for ourselves. In business, the word entrepreneurship has a different meaning, where entrepreneurial vision refers to the way of thinking that is not only to find unsatisfied demands but also to justify our thoughts' rationality, urgency, marketability, and profitability. This mindset can transform an individual from a mere user to a provider.
What do you think?
While thinking of taking initiatives not intended for commercialisation does not require a specific set of knowledge, business entrepreneurship necessitates a combination of expertise from various fields. When someone wants to be an entrepreneur and set an entrepreneurial mind, they need to know how the discovered ideas can bring in the market to fulfil demand. You can only make your ideas work for people or yourself by bringing them into business. So, before thinking about how to find scopes, we must understand what to believe and what not. You may see thousands of gaps, but you need a solution for them, or bringing a solution isn't possible with current technologies. We can think of these scopes and keep them in our collection of ideas so that if any revolutionary technology arrives, we can use them to make our ideas come true. There is an alternative approach where an individual can independently develop the necessary technology, but this process is time-consuming.
So, the initial knowledge we need involves figuring out the idea. The next step is to gain a basic understanding of economics. An entrepreneurial mind needs to know the difference between need and want and what is called demand in economics to find solutions for actual demands. The final skill we must possess is the ability to predict the profitability and scalability of our ideas. Until our idea looks profitable in business, we are not adding value to people's lives, or the added value doesn't justify the price of the product or service idea we introduce. Besides, with forecasted profitability, we can find investments to launch our ideas as products or services. To transition into the next stage of training our mindset, we need to keep these preconditions in mind when considering any business scope.
How to Think?
Centralised Way
Most of the time, if we sit to find business ideas and discover the problems of people as a whole, we find ourselves puzzled and end up with nothing; instead, we can start differently. Finding a problem that has yet to be solved or a service that has yet to be provided can be challenging when we approach it from a broad perspective. It's better to start in a centralised way, starting from you. We know ourselves most closely, and we can easily understand what problems we are facing and what is missing from our lives or can improve our lives. So, start questioning yourself: what problems do you face that still need to be solved in the market? The next question should be, is this the problem facing only you, or is it a general problem that no one has noticed to solve? If it's only your problem, the solution can be something other than a business idea. You need to find those problems with more sufferers, which means a market demand. This is a centralised way of thinking about business ideas.
Decentralised Way
Now, you must come out of the box and start thinking about the market broadly. You can start with your family, friends, or the people you know. Think about the problems that they face in their daily lives that still need to be solved. The problem doesn't need to be so sophisticated and easily accessible. It can be mental pressure, workload, contaminated environment and its elements, etc. People also have demands for their mental health solutions. So, consider their perspective. When you fail to find marketable scopes from your nearby ones, you can think then about the ordinary people of your country. They might face problems while leading their lives. This problem can be anything that makes them unconformable or creates a hurdle, like traffic jams, environmental pollution, job pressure, etc. The reason for mentioning problems so often is that entrepreneurs are none but solving our problems. Every business operates by solving problems or fulfilling wants, called value addition. An entrepreneurial mind should similarly think of adding value to people's lives. This value works as a convincer, pulling money from people's pockets as they feel it's justified to spend to get value.
What Should We Do If We Can't Find Market Gaps?
When a country's economy is developed, it is understandable that it has dealt with its fundamental problems. Finding problems from a general point of view will be tough when we are in a developed country. We have to come up with ideas to meet people's wants. The fundamental distinction between need and want is that needs are necessities, while wants are considered luxury items. People typically begin to demand wants only after their needs have been satisfied. Businesses that have the highest valuations mostly satisfy wants, not needs. The reason is that people naturally bargain while fulfilling needs, not wants. So, when we fail to find problems, we should keep hope as we have a better option to fulfil wants, which is even more demanding in this generation. This includes luxurious gadgets, mental health treatment, entertainment, travel, etc.
Where to think?
When we want our minds to be entrepreneurial, we must start looking for opportunities from Garbage to Space because many businesses are based on recycling garbage. To think like entrepreneurs, we can start from our homes. We can look for what change we can bring to my home to be a place for better living. We can observe our surroundings to identify any unfulfilled needs. Also, whenever we are on roads and passing by places, we can keep our eyes on the things around us, including buildings, people, streets, walls, and existing businesses. This approach allows us to generate ideas. Here, our concept can be bringing changes, modifying something, recombining something, etc. Whenever we start looking at our surroundings like that, we will see that our minds look for scopes in places where we do not even expect them.
Conclusion
Finally, training our minds to be entrepreneurial is a habit; bringing this habit will be possible only if we have a passion for becoming entrepreneurs. Understanding the differences between a business and a job can help us realise a business's freedom and scalability. Our minds will start rationally thinking like entrepreneurs after having some fundamental knowledge discussed earlier in this blog. When we have that knowledge, we can think about a marketable idea. So, our minds will be trained to be entrepreneurial when we understand what to think, how, and where to consider.
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