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One of the best pieces of advice I can give any would-be entrepreneur is the following:
Solve a Problem People Will Pay For
There is a lot in the sentence above
- Identify a problem
- Make sure you know who your customer will be (who has the problem)
- Make sure your customers see it as a problem
- Make sure your customers see it as a problem they actually have
- Make sure your customer is willing to give you money to solve the problem they know they have!
I know, this seems like the type of thing everyone should just naturally understand but the truth is they don’t. Many entrepreneurs are driven by passion. They often solve a problem that they have personally have had. The question becomes are there others with the same problem and do they care?
Mark Suster over at Both Sides of the Table wrote a great post about problems a while back. While not directly applicable to the entrepreneur, it is a great way to structure the presentation of a problem and should help the would-be entrepreneur understand if others hold similar views. It is worth a read.