Sometimes a good business starts with a single idea, other times you must look for the concept. So, when lighting does not strike, but you still feel the urge to build something, you can explore exciting areas where you could invest time and energy, and perhaps identify a problem you can provide the best, most convenient and smartest solution for.
Take Uber, for example, it wasn’t that before Uber people did not take taxis, quite the contrary. Uber innovated by rethinking the ownership of the fleet, building efficiency and creating a super convenient app that would let you travel without carrying any cash on you (and provide you the control of your fee and journey). Here are the critical areas in which entrepreneurs will find themselves providing solutions.
An obvious one is the internet and data services. There is no reason to believe we have reached the end of growth in this market. For the foreseeable future people will do more with the internet and the data services that operate through it.
One of the hot topics is advanced data analysis and connecting services. As people spend more time online and transact more, the amount of data that needs to be processed, analyzed and understood is tremendous. That is why this sector is projected to be among the top industries to start and grow a business in the coming decade.
Related to this is the explosion of software as a service (Saas) solutions. This is where software is provided on a subscription basis, rather than a one of purchase, in most cases ran entirely online via the web browser of single-purpose built client. Think of the many Google apps you might already be using, Salesforce for your acquisition funnel, Citrix for your conference calls or WebEx for your online seminars.
Again, related to the previous area, but distinct enough to warrant its own category is financial technology, also dubbed fintech. There has been an absolute explosion of apps that will monitor, manage and save your money. Once can be confident we haven’t seen the last of those yet.
What is interesting is that some of these fintech companies see themselves as the next evolution of banking, where you no longer need a physical branch. Some of the traditional banks are following suit, launching their own ‘online only’ sub-brands.
One of the most exciting areas for entrepreneurs to operate in is healthcare. Think of how 3d printing is changing the world of prosthetics. What used to be expensive and time-consuming to make, can be done for a fraction of the cost and time.
Or think of how improved batteries, new forms of connectivity are impacting hearing aids to change people’s lives for the better. Also, with the world population mostly aging, comes a wide array of problems that require a solution.
As people live longer but might not be able to have the care they need, the market needs to respond. This could mean there is a gap that needs to be filled by a new breed of social entrepreneurs. After all, being an entrepreneur is great on its own, but it is even better being an entrepreneur for good.