Opportunity Creation and Problem identification: Timothy Ng

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23 Jun 2023

5 Min Read

Yusmani Yunus, Bizpod Incubator Executive

IN THIS ARTICLE

Defining the Problem vs. Idea

Problem and opportunity identification is always the first step to take in exploring the possibilities of developing a solution for a business problem. It goes hand in hand with exploring the customer needs and the market opportunities related to that problem. This step is key to assess whether you have a potential business idea or just yet another idea. Mr. Timothy Ng, the CEO of Sandbox Capital and NEK groups, was invited to share with our students how to create and evaluate entrepreneurial opportunities from the viewpoint of family businesses.

 

He started the sharing session by giving the definition of a problem. According to him, If we have ever talked with an entrepreneur, we likely heard their idea pitched to us. However, an idea is only a part of the entrepreneur’s formula for their startup. The opportunity has both an idea and a problem. The idea is the entrepreneur’s unique solution to that problem. However, the idea is not the place to begin if you are just starting out on your startup.

 

One of the major flaws entrepreneurs make in starting a business is to quickly jump to an idea without carefully considering the most important starting point: the problem. When we start with an idea, we are likely to end up building something that nobody wants. Or, we spend significant amounts of money searching for customers that might be able to use our solution.

 

Unfortunately, this happens all too often. Because we as entrepreneurs highlight ideas when talking about our startups without devoting equal attention to the underlying problem they solve, new founders often think that they need a great idea to get started. Instead, you need a great problem, something worth solving, when you decide to start a new venture.

The Value of Mentorship in Business

Next, he also shared his personal experiences as a young entrepreneur and provided a few valuable and practical tips on how to create your own businesses. For instance, he suggested that to start up your own business, finding a mentor to help you reach your professional goals was of great importance.

 

It was because a mentor could serve as a sounding board at critical points throughout your career and they would provide you with the guidance that you might not be able to get from elsewhere. Most importantly, a good mentor would give you an insider’s perspective on the business as well as make introductions to key industry contacts.

 

 Next, he mentioned that ‘reading’ and ‘listening’ were very important to help you gain a different perspective to look at things. Also, it would keep you updated about the lasted business topics and issues. In the end, he claimed ‘the world is your oyster, and you should aim big!’, Mr. Timothy suggested students dream big and aim big when starting their own businesses.

Portrait photo for Timothy Ng

Timothy Ng

Chief Investment Officer at Sandbox Capital and NEK groups

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