Great business ideas can come from the strangest places. But in my opinion, dreaming up a solution to an existing shortcoming is the best foundation for building a successful venture.
It’s important to brainstorm about an issue faced by a group of consumers before you think about the actual product or service. What pain point do a group of people face? Why exactly do they face this pain point? How are people dealing with this pain point right now? Do people pay for a product or service that helps them live with this issue, or do they just do the best they can without a solution?
This whole process will help you devise a product or service that people will actually buy. Yet, it’ll also help you determine your value proposition, should investors come knocking.
Here’s how simple methodology for determining your value proposition:
1. Identify. Determine a problem or pain point a group of people live with.
2. Research. Learn the pain point: Understand its cause, history and the number of people struggling with it.
3. Condense. Write a concise paragraph that summarizes the pain point.
4. Condense, again. Write a single sentence that summarizes the pain point.
5. Assemble. Bundle together goods and services that respond to this pain point.
This exercise is not as simple as it looks. The process of condensing a problem into a sentence will require some serious creativity. But don’t get discouraged. Taking the time now will save you time (and potentially money) down the road.
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