From the course: Employee to Entrepreneur

Ideas need to solve problems

From the course: Employee to Entrepreneur

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Ideas need to solve problems

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Some of the best entrepreneurial ideas aren't fancy or complicated. In fact, they're often very simple. The best entrepreneurial ideas solve a problem. They solve a problem that people know they have and that they are looking to solve. People have cold feet. I sell socks. That solves a problem. People have cold feet, and they want to help others. I sell socks, and then I give one pair away for each one I sell. That solves two problems. Now, sometimes you may solve a problem with a service, other times with a product. Sometimes you sell both, right? For example, you might start out as a service-based business offering landscape design, but then you realize that not everybody wants to do their own landscaping work. So you add on gardening services and supplies, and maybe you offer an ongoing subscription where for a certain sum each month your team will come and maintain the landscaping and even put up some seasonal decorations for you. Come to your entrepreneurial idea by thinking about what some of the daily hassles that people have are, things that drive them crazy, things that they would love to not have to deal with. I remember one of my favorite entrepreneurial ideas was a very small family-run business that would come and pick up dog poop from your yard. Genius. Any time you are willing to deal with a problem that other people don't want to deal with themselves, or don't have the skills to deal with themselves, you will always have customers. Then think about a problem you really care about. This might be found in your personal values and goals. Maybe your business solves sort of an aspirational or educational problem. Maybe you want to help people develop a spiritual practice or become a better writer. Maybe your business solves a problem around your community because you care about unifying people and creating connections. Next, consider who you are solving the problem for. I remember a little storefront in Brooklyn that offered Dungeons and Dragons and chess playing for sort of nerdy kids and adults to hang out. Be thinking about what the sharp, urgent problems are. Notice what your friends complain about and see what solutions are available. And can you make it better? Now, how would you describe your business idea? This is sometimes called an elevator pitch. Well, here's my two tactics on formulating yours and not sounding ridiculous. Whatever your business is, describe it in terms of the problem. So people say, hey, what do you do? And you say, oh, you know how you go out to eat and you're always wearing a white shirt, and you always end up getting some sauce on it. That's what I do. I'm a dry cleaner. I get stains out of nice shirts. Identify the pain point you're solving before you state the job title. Or you say, "Hey, you know how it is when kids get to be 2 or 3, and they're running around like crazy and, you know, they need some social interaction? That's what I do. I offer a holistic daycare center for children." That way, you can always tailor your description of what you do to the person you're talking to. So it doesn't sound like a rote practiced elevator speech, and people will remember it because they'll not just remember you, they'll remember the problem that you solve. When you can state what your business does, the problem that it solves and for what target market in a way that is succinct, memorable, and clear, you have taken a big step towards entrepreneurial success.

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