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.
4 thoughts on “Solve Real Problems That People Will Pay For Where You Add Unique Value”
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:
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