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Comment by srirangr

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Comment by srirangr

There are multiple ways:

1. Solve your own problem first: As you rightly mentioned, solving your own problem first is helpful. If there are millions like you who are facing the same problem and are willing to pay for your solution, you have a business. If it is a recurring problem, you have a bumper business.

2. Observe market trends: Changes in purchasing power, changes in expectations of needs and wants, changes in human behavior over time, geo-political events, climate change, natural and artificial calamities, etc usually create new markets. For example, having a smartphone was more of a "want" than a "need" a decade ago. But today it has become a necessity.

3. New technology on the block: Big businesses drive new technologies and the new technologies then drive small businesses. This has always been the case. We saw it in the mobile revolution how Apple and Google came up with the AppStore and the PlayStore respectively and we are witnessing it today in the LLM models. These marketplaces allowed several unicorn "app" businesses to flourish. In fact, just adding a GPS tracker in smartphones, ended up creating more value in the business world than the App Store and the PlayStore themselves.

4. Regulatory, Statutory, or Govt policy changes: A lot of times these changes create unexpected new markets. For example, think about the EU mandating companies to adhere to GDPR guidelines in 2018. It must have suddenly created openings for hundreds of thousands of data privacy officers. Any company that spent time learning the guidelines and providing training, coaching, and certifications would build a big business. The same goes for companies providing consultancy on implementation gaps, verification of controls, etc.

5. Taking bets on smaller markets: Smaller markets are usually not on the radar of the tech giants, but if you have a conviction that the market is going to grow rapidly, it is totally possible to build a big business in it. One such example is Uber. As per their first investment raise pitch deck in 2008, the predicted TAM for app-driven cab-hailing business was $4.2B[1]. Today Uber itself is a $100B+ giant along with several other players operating in the market.

This is a framework I use. If you think there are more such ways to identify business opportunities, please add them to the list. I hope you find this useful.

[1] https://www.slideshare.net/slideshow/uber-pitch-deck-2008/79...

Replies srirangr · 2024-06-07
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