Solve Real Problems That People Will Pay For Where You Add Unique Value
Tien G. Nguyen suggested three filters for a good business idea:
- Solve a problem that he has personally.
- Solve a problem that customers will pay you immediately to solve.
- Solve a problem that is a real one for customers.
What I think he is looking for in #1 is a problem that he has some useful knowledge about. Another way to say what I mean is that it should be become something that he can add unique value to, based on experience, expertise, or skills.
I think it’s stronger if you reverse the order to be:
- Solve a real customer problem,
- That they are willing to pay for,
- Where you add unique value (know-how, experience, or expertise) to the solution.
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Comments (4)
Nathan Ketsdever
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The final letter from the folks at Eventvue contains a lot of insight on #1 (a rather expensive and valuable lesson about start up entrepreneurship). It also points to the need to create a “gotta have” product or service versus “nice to have.”
This story from Tech Crunch links to the letter:
http://techcrunch.com/2010/02/05/eventvue-deadpool/
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SKMurphy, Inc. » Quotes for Entrepreneurs–January 2012
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[…] It’s not enough to make something that people want, they have to need it and be willing to pay for it. See also “Solve Real Problems That People Will Pay For Where You Add Unique Value.” […]
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SKMurphy, Inc. » Q: Can a Custom Solution Be The Basis For A Product?
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[…] Solve Real Problems That People Will Pay You For Where You Add Unique Value […]
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SKMurphy, Inc. » Quotes For Entrepreneurs–August 2013
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[…] used as title for ”Solve Real Problems That People Will Pay For Where You Add Unique Value.” h/t Brad Pierce for a tweet on @learningloving that reminded me of […]
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