What problem your business solves and how did you notice it?
It is a common sense that the best companies are solving some problem, not just having an idea of what to do. How did they find out that there is a problem they solve? Was it a personal problem or they got an insight?
We all read about how the best businesses come from solving a problem, not having an idea. So I’m curious to know how you noticed the problem you’re solving. Personal problem? Industry insight? Right place right time? and then once you identified the problem, what is the first step to take for solving it?
It is a good question. I think the answer is quite simple from one hand and pretty difficult from another. Every company’s business is about helping its customers with something in the best way possible. In this case every company solves customer’s problem offering their product or their service. Once you have an idea in mind, this idea should be valuable for your potential customers and most likely the value comes from solving a problem. You know, even Tik Tok solving a problem of people who want to entretain and have time for it, so they give them nice short videos which you can stop watching at any moment.
I also want to look into a more complex answer, but there is nothing very new as well — if you got an idea, you need to find out if it is a valuable idea, so you need to build a product or at least something similar which provides a similar value to a customer (let's remember Pareto rule here, 20% of all the efforts give 80% of the results). That’s what people used to call MVP (Minimum Valuable Product). However, there are a few larger corporations which struggled when they were small, like Google which couldn’t find money for a long time, but it was a long time ago…
We all read about how the best businesses come from solving a problem, not having an idea. So I’m curious to know how you noticed the problem you’re solving. Personal problem? Industry insight? Right place right time? and then once you identified the problem, what is the first step to take for solving it?
It is a good question. I think the answer is quite simple from one hand and pretty difficult from another. Every company’s business is about helping its customers with something in the best way possible. In this case every company solves customer’s problem offering their product or their service. Once you have an idea in mind, this idea should be valuable for your potential customers and most likely the value comes from solving a problem. You know, even Tik Tok solving a problem of people who want to entretain and have time for it, so they give them nice short videos which you can stop watching at any moment.
I also want to look into a more complex answer, but there is nothing very new as well — if you got an idea, you need to find out if it is a valuable idea, so you need to build a product or at least something similar which provides a similar value to a customer (let's remember Pareto rule here, 20% of all the efforts give 80% of the results). That’s what people used to call MVP (Minimum Valuable Product). However, there are a few larger corporations which struggled when they were small, like Google which couldn’t find money for a long time, but it was a long time ago…