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Business Advice 101: Don’t Just Start A Business, Solve A Problem

“The happiest and most successful people I know don’t just love what they do, they’re obsessed with solving an important problem, something that matters to them.” ~ Drew Houston, Dropbox co-founder  

 

Fact: If consumers have problems, they’ll always be on the hunt for solutions. People constantly try to find better, faster, and smarter ways to complete day-to-day tasks. Fortunately for entrepreneurs, there is still unparalleled room for improvement when it comes to existing products. Having said that, the main issue for most startup business owners is pinpointing these problems, and then matching them with the best possible solutions.

 

So, if you’re thinking about starting a business, here is some advice to get you off the ground:

 

Focus On Creating A “Must Have” – Not A “Nice To Have” – Product 

 

Consumers are bombarded and overwhelmed with the sheer paradox of choice every single day. As I’ve mentioned in previous posts and videos before, people’s attention levels are diminishing in this time of extreme multitasking. This results in very few products actually getting noticed; with so many being solutions to “musts” not “wants”. The demand for faster results makes it tricker to fully satisfy the needs of consumers. If you really want to make it in the world of today, you need to be doing something different and of a higher excellence level. Consumers are expecting much more than just another product.

 

Solve The Really Painful Problems 

 

Google made searching easier. Amazon made online buying and selling simpler. Netflix made on-demand media streaming possible. Uber made instant e-hailing a reality. So, ask yourself the question: “What exists out there that can I make smarter or better?”

 

What is that one painful problem you can solve without any hassle? If you really want to grab your consumers’ attention, begin with solving their needs; their wants usually don’t quite cut it. Although, if your product is not a must-have, you could still find a way to repurpose it in order to solve an urgent need. If you’re able to identify a pressing problem that you can effectively execute and deliver, you’ll be able to create a truly valuable real business.

 

Your Business Should Be Your Passion 

 

Most entrepreneurs turn towards solving problems that they identify with or feel passionate about. Why? Because then work becomes less about work, and more about enjoying the journey!

 

In all honesty, if you want to make it as a successful entrepreneur, you’re going to need all the inspiration, commitment, and determination you can find — hence the need to start a business based on something that you are sincerely passionate about.

 

Going hand-in-hand with passion is the ability to execute! If you cannot deliver, you’re not in business. Simple. Any product that has a real need will be easy to market, which means you won’t have to convince people too hard about the existence of the problem and the need for your product — because they’ll already identify with it!

 

Guys, trust me, you don’t want to waste time, money, and energy on starting a business that might not make it. Do your research, validate your idea, and ensure that there’s a real market for it. Don’t be one of those “entrepreneurs” who just start another business. If you want to increase your chances of real success, solve a real problem that people have. 😉

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