Are You Sure Your Customers Are Paying Because Of The Awesome Idea You Have?

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2013/01/17 by lingdecklee

How important is it to focus your startup on problem-solving?

If your customers are not paying your startup enough to the extent that your startup does not have a sustainable income, then it probably mean either your startup is not solving the customers’ problem or the customers’ problem is not painful enough for the customers to want to pay for it to go away.

When comparing two profit figures, one is as high as US$1,000 while the other one is as low as US$0.10, which one would you prefer? That depends on the volume. If the problem is gigantic but only a handful of people are experiencing it, that is okay as your startup can still make good profit from this exclusive group (niche market). If the problem is really small but it affects almost everybody, that is also good news as your startup will also be able to make good profit from selling to everybody (mass market). The major takeaway here? Get paid from finding and solving gigantic and small problems, not from selling ideas.

So the conclusion is this: always try to solve a real, thorny problem; otherwise, the startup does not offer any real value to the customers and so there is no reason to expect the customers to pay. So stop blaming everything on not having a great idea.

So you then ask: how do I find and solve problems? Well, why not try reading this article first in which the writer shared extensively (with own examples) on how?

Finding Ideas For Your Next Project

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