Solving Problems for the Masses

Solving Problems for the Masses

The focus is on identifying and solving problems faced by a large number of people. It discusses the importance of market research, customer feedback, and innovation in creating solutions that can have a significant impact on society.

When starting a business, we often wonder what kind of business would be profitable, scalable, and powerful. The answer, however, is simple: build a solution for a mass audience.

The solution could be anything that solves a problem for many people.

For example, messaging apps like WhatsApp revolutionised the industry by providing a free and irreversible solution to sending messages and festival wishes, which used to be chargeable.

Another example is Zerodha, a company that revolutionised the industry by using technology to provide individual investors with fingertip access to the equity market. By providing a simple and effective solution, Zerodha has made it possible for people to explore all the possible opportunities in the equity market.

To start a successful business, we need to think about what kind of change we can bring to the society that will solve the problems faced by a large group of people. In doing so, we can find satisfaction in our work and achieve our financial goals while also generating new jobs in our community.

Starting a business is not just a personal responsibility; it is also a social responsibility for new-age entrepreneurs who bring a nation-building concept by building successful businesses. One idea with a powerful and effective implementation can change and impact several lives.

In every segment, there are hidden problems that end-users or common people are facing. As entrepreneurs, we need to think like mad scientists and make bold decisions to bring effective solutions to these problems.

We tend to think that businesses should come up with new ideas and inventions, but that is not always the case. We can find basic problems in traditional businesses that can be solved with new technology and innovation. A traditional business with a new idea and innovation can be a powerful and profitable business idea.

In summary, building a solution for a mass audience is a great way to start a profitable and impactful business. It is all about identifying a problem that affects a large group of people, bringing an effective solution, and implementing it in a way that solves the problem and creates a better future for everyone.

“Samvad Sacchai Se”
Conversations Between New Age Entrepreneurs

Mr. Bhatia said, “I’m thinking of starting something new. I’m not enjoying this business (retail household appliances) anymore. Every day, there are customer complaints and payment collection issues. I don’t know what to do.”

Mr. Das replied, “This problem is there with every business. Every time I come to you, you have a new business idea, but you only think about it for a couple of weeks and then move on to another idea. Why don’t you stick to one idea and work on it properly? That’s when you will enjoy it.”

Mr. Bhatia expressed his concerns, “I’m constantly struggling with problems in my business. When I see others doing a different business, it seems like it’s easier. How do I figure out what to do?”

Mr. Das advised him, “Your business of selling household goods is a good business. You just need to identify the needs of your customers and provide them with quality products at reasonable prices.

You can educate your customers regarding new products which can be helpful and reduce their efforts, demonstrate and keep some customers engaging in events. That’s the best idea.”

Mr. Bhatia responded, “But every day, there is more competition in the market. People are selling at lower prices. I don’t know at what price to sell my products?”

Mr. Das suggested, “You need to come up with something new. Think about something different that others are not doing. Give some value-added things to your customers. You need to be innovative.”

Mr. Bhatia then proposed, “I’m thinking of starting an MLM business. I heard that people become millionaires in 2-3 years if they have a big team.”

Mr. Das reminded him, “You tried MLM in the past also, but you couldn’t recover your investment. I’m not interested in any MLM shortcuts anymore.”

Mr. Bhatia insisted, “I think this one will work. Let’s see. We’ll try it for six months, and I’m sure we’ll be able to shut down this business (retail household appliances) and focus on MLM.”

Mr. Das wished him well, “I wish you all the best for future endeavours which you never ever get with this. In my business, I keep my customers informed about the market’s deceptions so that they can make the right decisions.

From the conversation between Mr. Bhatia and Mr. Das, we can gather a few key points that can be valuable for aspiring entrepreneurs:

1. Every business has its problems, and it’s essential to focus on executing and improving upon the ideas that we have instead of continuously seeking new ones. Consistency is the key in building a sustainable business.
2. To be successful, entrepreneurs must identify the needs and preferences of their target market, and offer them products or services of the right quality at the right price. It’s also essential to engage with customers, educate them about new products, and create events to keep them interested.
3. In the highly competitive market of today’s world, it’s vital to constantly innovate and find new solutions to stay ahead of the competition. Entrepreneurs should also consider offering value-added services and unique experiences to create differentiation.
4. Multi-Level Marketing (MLM) may not be the most sustainable or ethical way to build a business. New-age entrepreneurs should evaluate any such opportunity carefully before investing time or money into it.
5. When choosing a new business, it’s essential to consider the current market trends and analyse the potential demand for the product or service. Entrepreneurs should also assess their skills and resources and choose a business that aligns with their strengths.
6. Entrepreneurs should not be afraid to take calculated risks and experiment with new ideas. However, they should be mindful of their investments and should not put all their eggs in one basket.

This blog can be a valuable resource for aspiring entrepreneurs as it provides practical advice and insights on topics such as ideation, market research, financing, and scaling. It includes numerous case studies and examples of successful businesses, which can serve as inspiration and guidance for those looking to start their own ventures. New-age entrepreneurs should consider this as a go-to guidebook while setting up their businesses.

Sunil G Kushwaha ( B.Sc, MBA, LLM )
Co-founder - AIWS ACCOUNTECH
Date:- 25/03/2023