Every entrepreneur needs a problem to solve.
It’s more important than a business plan (though you need a business plan).
It’s more important than mentorship (though you DEFINITELY need mentorship).
It’s more critical to success than killer products, funding, or even skill.
All of those things are important pieces of the puzzle—but without a problem to solve, none of them matter.
Why? Because if there is no demand for your product or service, you’re guaranteed to fail.
In order to have demand, someone has to have a need that’s not being met. That’s why you need a problem.
Even the most outlandish luxury items solve problems—they make customers feel a certain way about themselves. They make people laugh, or feel successful, or feel wanted. And for many, they’ll pay a premium to achieve that.
Some businesses solve problems that people don’t even know they have. Did anyone before July 1994 think that going to a bookstore was a massive hassle? No! Well, except one person—Jeff Bezos. But it turns out his hunch was right. He solved a problem that no one was aware of, and has profited handsomely for it!
It doesn’t matter if you’re starting a side hustle on the weekends or launching a million dollar startup. You must solve a problem. And the more demand your solution creates, the higher likelihood of success you’ll have.
So what should an entrepreneur do first? Find a problem! Ask yourself—or better yet, ask people around you—what kind of problems they have. What kind of pain in their lives do they wish would just go away? Is there a way to solve that problem with your skills and talents?
If so, congratulations—you’ve found a viable business opportunity.
