Geri Stengel

 
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How To Turn A Problem Into A Business

Women know what women need. Think Sara Blakely, founder of Spanx, creating a comfortable undergarment to eliminate her unsightly panty lines.

As I’ve said before, I’m not advocating that women should rush out and buy products made by women just because we’re the same sex. However, women understand other women. That insight gives us an edge when developing products to better meet our needs. The best entrepreneurs scratch their own itch, said Paul Kedrosky, Senior Fellow at the Kauffman Foundation in this video. User-entrepreneurs, that is, those who start a company to fill a need they have themselves, have a much higher survival rate than other startups, according to Kauffman Foundation research.

To read all of How To Turn A Problem Into A Business go to Forbes.