Module 2
Problems to Opportunities
In this module, you will learn about problem-solving and how to turn problems into opportunities. While completing this module think about how to answer the following questions:
- How can I take a creative approach to problem-solving?
- What is a business opportunity?
- How can I turn a problem into a business opportunity?
- What are some everyday problems I have, and what could be a creative solution to these problems?
Read the following materials to learn about the creative problem-solving process and how some successful entrepreneurs turned problems into business opportunities.
Blog Post: What is Creative Problem-Solving & Why is it Important? By Michael Boyles
This blog post from the Harvard Business School introduces the creative problem-solving process. It also discusses many useful principles and tools for problem-solving.
https://online.hbs.edu/blog/post/what-is-creative-problem-solving
Article: What Is Business Opportunity? – Importance, Types, & Identification by Aashish Pahwa
This article introduces the concept of a business opportunity. You will learn how to characterize, evaluate, and identify a business opportunity.
https://www.feedough.com/business-opportunity-definition-types-identify/
Article: How To Become An Entrepreneur: Find A Problem And Be The Solution by Shama Hyder
Shama Hyder, CEO of Zen Media, gives advice on how to turn a problem into an entrepreneurial journey you’re passionate about. She does this through sharing the inspirational story of Carl C. Schuessler, Jr. and Barry Murphy of Mitigate Partners.
Blog Post: How Solving A Problem Can Create Business Opportunity?
This blog post gives examples of how you can identify opportunities from common problems. You will also learn the process you can apply to turn your own problems into opportunities.
https://bigrocksengineering.com/how-solving-a-problem-can-create-business-opportunity/
Article: 8 Startups That Are Making Waves By Solving Big Problems by Sujan Patel
This article gives eight examples of different startups providing innovative solutions to problems they identified in the market.
‘What is Creative Problem-Solving?’
This video introduces the Creative Problem-Solving (CPS) Method. This will teach you how to approach problems and opportunities in an innovative manner.See Problems As Opportunities- Mona Patel- TEDxNewBedford
Mona Patel, CEO & Founder of Motivate Design, she shares advice and techniques on how to change your mindset from “can’t” to “can” by recognizing how to turn problems into opportunities.Entrepreneurship: Spotting Opportunities
This video shares some strategies for identifying entrepreneurial opportunities in the market.Startup 101: How to Find a Good Problem For Your Startup to Work On
Brian Ma, General Partner at Iterative and Co-Founder and CEO of Divvy Homes, and Hsu Ken Ooi, General Partner at Iterative and Chief Product Officer of Workmate, share advice they have for aspiring or new founders of startups through sharing their own personal experiences with the three startups they founded.Choose a problem statement from the list below (or come up with your own problem statement) and use the creative problem-solving method to come up with a solution. Typically, this process can take days to complete and come up with a good, well-researched, and planned solution. However, for this workshop, you will do a brief version of each step in the process. Do not worry about trying to find the perfect solution. Try to just be creative and have fun with your ideas!
Problem Statements:
- “My umbrellas are always breaking! It flips inside out with the wind and gets holes that leak.”
- “I can never get all the peanut butter out of the jar. Towards the end of use, it’s always stuck to the bottom and sides…it is such a waste!”
- “I have a hard time waking up on time in the morning and using my phone as an alarm clock is not working anymore!”
Creative Problem-Solving Method:
- Identify the Vision: now that you have identified the problem statement, what is the desired outcome of this problem?
- Gather Data: briefly research your topic online to better understand the problem.
- Formulate Questions: write down a few questions that come to mind involving your problem that would invite a solution. Examples: Why is this a problem? What are the consequences?
- Explore Ideas – Brainstorm: write down as many ideas you can think of that could be potential solutions to your problem.
- Formulate Solutions: evaluate your ideas. Which fits the situation best, and can be implemented?
These materials are not compulsory for the course. This is a library of additional resources for those who want to go beyond the course and learn more about topics related to this module.
Readings
• Are You Solving the Right Problem? by Dwayne Spradlin – Harvard Business Review: https://hbr.org/2012/09/are-you-solving-the-right-problem
Videos