Understand the problem space

ragu · updated · flag

Every successful business out there exists to solve a specific problem. Can you concisely write down the answer for the next two questions?

  • What problem my business is trying to solve?
  • If I am facing the same problem, will I choose my business?

Now evaluate the answers you have written. Is it straight-forward? If you can easily communicate the very problem your business is trying to solve in simple words (without having to think about your idea), then you have a real problem to solve.

If the language is complex or you have taken some effort to explain the problem itself, the business idea is likely to reach a smaller space or even fail. Do not try to introduce a problem and then solve it for the sake of your idea.

This is not usual for experimental ideas. Always dare the norm and do not shy away from experimenting.



Comments


thelenny ·

What about the issue of revenue model? Sometimes you can have an idea that ticks all the above boxes but cannot be easily monetized