By: Brian Tracy

Brian Tracy is one of America’s leading authorities on the development of the human potential. He is the best selling author of 23 books, has trained 2 million people in 23 countries and his clients include IBM, Verizon Wireless, Bank of America and thousands of people just like you.

 

Entrepreneurship is the art of finding profitable solutions to problems. Every successful entrepreneur, every successful businessperson has been a person who has been able to identify a problem and come up with a solution to it before somebody else did. Here are the five rules for entrepreneurship.

Find a Need and Fill It

First, find a need and fill it. Ross Perot, when he was working for IBM, saw that his customers who were buying IBM computers, needed help in processing their data. He went to IBM with this idea and they said they weren't interested, so he started his own business. He eventually sold it out for $2.8 billion dollars. He found a need and he filled it.

Find a Problem and Solve It

4 Types of Problems

Problem Solving Strategies: 4 Levels

Creative Problem Solving

Turning Problems Into Opportunities: 6 Tips

 

The second rule is to find a problem and solve it. A secretary working for a small company began mixing flour with nail varnish in order to white out the mistakes she was making in her typing. Pretty soon, her friends in the same office asked if she could make some for them. So she began mixing it on her kitchen table. Then, people in other offices started asking for it, and she eventually quit her business and worked full time creating what is today called Liquid Paper. A few years ago, she sold her company to Gillette Corporation for 47 million dollars.

The Tao of Customer Value Creation

Look for Solutions

Find a problem and solve it. Find a problem that everybody's got and see if you can't come up with a solution for it. Find a way to supply a product or a service better, cheaper, faster or easier. Clemmons Wilson saw that there was a need for hotels that could accommodate families that were traveling, and he started Holiday Inns. And Holiday Inns has now become one of the most successful hotel chains in the world.

The Tao of Entrepreneurial Creativity

Focus on Your Customer

Winning Customers (Ten3 Mini-course)Here's the key to success in business. Become obsessed with your customer. Fixated on your customer. Think of the customer. Think of what the customer wants, what the customer needs. What the customer will pay for, what the customer's problems are. Thomas J. Watson, Senior, the founder of IBM, taught his people and built his company on this principle. See yourself as working for the customer. Once you've come up with a product or an idea, then start to invest your time, talent and energy instead of your money, to get started.

Customer Success 360

 

The Source of Most Great Fortunes

Remember this, most great fortunes in America were started with an idea and with personal efforts. Most great fortunes were started with the sale of personal services. This is called sweat equity. In other words, instead of cash equity, put in sweat equity. Put in the sweat of your brow to begin your business. You can learn valuable lessons operating on a small scale.

Action Exercises

Here are two things you can do immediately to put these ideas into action:

First, find a need and fill it. Look around you and search for needs that people have for products or services that are not being met. One small idea is enough to start you on the way to business success.

Second, find a problem and solve it. Look around you for problems that you or other people have that are not yet being solved. Look for solutions that nobody has thought of and give them a try. One good solution could change the whole direction of your life.

 

 

 

Entrepreneur

4 Entrepreneurial Strategies

Do What You Love To Do and Make a Difference

How Good Is Your Business Idea?

Day 1: Buying Just 1 Hour of Time of a Consultant

Entrepreneurial Creativity

Be a Negative Optimist

10 Common Mistakes Made by Small Business Owners

10 Deadly Small Business Mistakes

Finding a New Business Idea

Questions for Creating Business Problem Solving

Entrepreneurial Success

10 Keys To Business Success

7 Characteristics of Successful Entrepreneurial Firms

Estee Lauder's 15 Rules for Entrepreneurial Success

Venture Planning

21 Success Secrets of Self-Made Millionaires

7 Simple Steps To Small Business Success

High-Growth Business Development

Why Start-Up Companies Fail?

SWOT Analysis for Start-Up Firms

Venture Management

Milestone Chart

9 Super-Slick Secrets to Boost Your Small Business Performance

Business Model

New Business Models

Entrepreneur's Primer of Marketing, Advertising and Selling

A Classic Mistake Entrepreneurs Make

4 1|2 Marketing Issues that Entrepreneurs Absolutely Must Get Right

Test Market Your New Product or Service

Venture Financing

Stages of Firm Development and Venture Funding

What Every Investor Wants To Know

How To Prepare an Effective Venture Presentation: 8 Issues in 8 Minutes

Business Plan

Start-Up Business Plan

Case Studies

Amazon.com: New Business Model

Dell: Strategies that Revolutionized an Industry

Coco Chanel: Be Different