You want big problems.
Yes, you heard that right. As an entrepreneur, you want to have as big a problem in front of you as possible. The bigger the problem, the bigger the profit.
Although in life, at least in private relationships, like with a partner and friends, we avoid problems and don’t want them, in business, it’s different.
The bigger the problem you solve, the greater the opportunity.
One of my business role models often says:
“Entrepreneurs are problem solvers”.
I couldn’t agree more.
What you really don’t want is your company solving a small or insignificant problem. That’s why it’s crucial to objectively ask yourself how real, how urgent, and how painful the problem you’re solving is.
How real, how urgent, and how painful?
If the problem seems trivial to you, then redirect your attention to another problem.
I can’t tell you how many times I’ve met young entrepreneurs, just starting their journey, who enthusiastically and with a sparkle in their eyes told me about their new product that they’ve been developing for months or more. But when we started discussing the problem their product solves, the conversation soon became much more depressing. Often, we realized that the problem they were solving was mostly perceived.
Everything described here has happened to me in the past as well. Many times.
For example, when I was developing clothing that protects against electromagnetic radiation. I created and designed clothing for pregnant women that shields them from computer and phone radiation, which is placed on their belly due to their body’s position while sitting. This product, which functions as a Faraday cage, is very popular in China, to some extent in the USA, but here in EU, the market wasn’t ready for it yet. I abandoned the entire project when I realized that enormous financial resources would be required to raise awareness about the problem. Only then could good sales potentially be achieved through marketing.
Non-existent problem or wrong timing. Potato potato.
As you can see, it’s not just about the problem being absolutely non-existent. Perhaps the right time for it hasn’t come yet.
So, the final advice would be as follows: as an entrepreneur, you are a problem solver. Be objective with yourself and assess whether the problems are real or merely perceived. And once again – you want the biggest and most painful problems.
