Entrepreneurs create value by solving problems. The bigger the problem, the more value you add by solving it.
When your business overcomes obstacles faced by an entire niche or industry, you also create a competitive advantage.
One way to do this is to broaden your thinking.
Look for solutions in other industries and find creative ways to apply them to yours.
Not all obstacles are technical; some have to do with mindset.
In my first business we built data warehouses and predictive models.
There were technical obstacles such as lack of data quality, consistent business rules, and infrastructure.
But the biggest obstacles in our industry actually related to mindset: lack of trust, fear of making a mistake and looking bad.
To solve those problems we asked, “How can we reduce complexity?”
Complexity is an obstacle in every industry.
We solved it with visualization.
We didn’t create the field of data visualization, but we applied it to our industry.
Use your mind like a tool.
Your mind is the source of the value you add (and the money you make).
It seems like the solutions you sell are what create the value and the money, but it’s really your mind.
Because all value begins with a thought that is turned into reality by action.
To get your mind to work for you, ask “How can I…?” questions every day.