Embarking on the entrepreneurial journey is an exhilarating pursuit, yet every success story is etched with challenges waiting to be transformed into opportunities. In this blog, we’ll delve into the art of unlocking entrepreneurial success—moving seamlessly from identifying problems to crafting innovative solutions. Join us on this exploration of the startup terrain, where challenges become steppingstones toward a thriving business venture.

So, let’s start with the most basic question you need to answer when starting a business. Once you know who your target market is, what are the top 1-3 problems, or pain points that your business will provide a solution for?

The truth is this might change a little as you do your market research, but it is a starting point.

Here are some tips to help you get started:

• First, if you haven’t done so already, create a customer persona for your ideal target market. Think of everything you know about them, including what their pain points are.
• Consider conducting simple surveys of potential customers. This could uncover pain points you had not thought of.
• Listen in on what your potential customers are saying in social media groups. What are they complaining about or having frustrations with?
• Look at what your competitors are doing to meet the needs of your customers. Are they missing anything?
• Then think about what would they type into a Google search bar that would lead them to your website and your business? What problem are they searching for an answer to?
• What are the current trends in your industry? What problems have they identified that you might have the solution for?

 

This Problem-Solution Worksheet can be used to help you identify and prioritize what is important to your target market. Brainstorm every problem you can think of then go back and identify your possible solution.

Problem Solution Worksheet

Then ask yourself these questions to help you narrow it down to the top 1-3 problems and solutions.

 

• Carefully consider the size of the target market that is out there for the problem or problems you have identified. Is it a big enough market to make you successful and profitable? Is there room to grow and scale your business?
• Can you realistically implement and deliver your solution?
• Do you feel personally invested in solving the problem?
• Are you prepared for the challenges and setbacks that could come your way?
• Does the solution align with your skills and expertise?

 

Answering these should help you see which ones the problems are to start with to test your idea.

The more specific you are in identifying the problem and your solution, the better!

 

If you need help, contact us at rhondaloweconsulting@gmail.com