From the course: Creating a Business Plan
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Define the problem you solve
From the course: Creating a Business Plan
Define the problem you solve
- The first step in writing your business plan is articulating the problem that you solve. Is this a problem that people are willing to pay you to fix? You'll need to define who has the problem, is it companies, is it individuals? Spell out what your typical customer looks like. Then think through, how big is this problem? How does it show up for your customers? Is it a question of things are expensive, and they have a cost problem? Do they have a time problem? Is it a quality issue with the products that they're turning out, and you can help them improve that quality? When you write this problem statement, you should be able to take it to your target customers, and they should read it and say, "I have that problem. Please come fix it." That's where the demand for your product or service is going to come from. Allow me to offer a couple of examples, one bad problem articulation and one good one. I'm familiar with an…
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