Ask IH: What's your process of finding profitable niches/problems?

I've been always fascinated by big revenue gaps between businesses even if everybody works hard and smart. I'm curious what is your process of finding profitable ideas to solve.

How does it start? How do you analyze information which lead you to testing the idea?

"Solving your own problem" and other advice might be not working if you haven't worked in some industry for N years before (because otherwise you just don't have any problems that are not solved effectively) or you don't have a lot of money for messing around upfront.