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MenuThe best ideas come from solving a problem your market has. What are a few ways to position yourself in order to more easily spot these problems?
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One of the best ways to identify real problems in a market is to be a consultant and actually get paid to help solve the problem. Many great product companies started off this way (ex: Freshbooks, Hootsuite, Shopify, etc). They solved their own problem, and then build a solution so that others could use it.
If you're already a startup, and you're trying to refine and learn, then you can do more hands-on deployments for customers, where you actually go in and help them solve the problem with your software. Now, if you start to get paid by the hour to do this work, then you went to far.
Either your a service company learning and getting paid, so that one day you can spin out a product, or your a venture backeable startup and doing things that don't scale initially to learn how the customer thinks.
The best question I've ever heard to truly understand a customer is to ask "What do you do 3 minutes before, and after, you use our product". That's where the opportunity lies.
A lot of it is being observant - and doing research. Many businesses are based on solving problems the founder had him/herself (e.g. "this seems busted - there has to be a better way") or things they recognize because they are in that line of work (e.g. "man, this could be some much easier if thus and so happened"). That said, many other very successful businesses start from identifying a huge market area and looking for problems worth solving - and seeing if they can be, profitably.
Then you put a smart team against it and iterate.
There's no one right answer.
That said, simply using self reference criteria isn't often the right way to go. I spend a lot of time talking with founders or founding teams who are recent grads trying to do things for that market because they are most familiar with it, even though it might not be the best or most profitable fit, for instance.
Better An Existing Problem
Many startups were not the first in their domains. Take Google for instance. Many popular search engines existed – Altavista, Yahoo, etc – and we never thought we would move away from all of them at once.
Adapt Existing Solutions To Problems In Your Country
Many ventures exist which essentially do the same thing, but with localization. For example, SnapDeal is a Groupon clone in India with localized content and features. Google’s clone Baidu is hugely successful in China. And Singapore has its very own Pinterest clone called Singterest.
Apply Existing Solutions To Your Industry
Think Linkedin. Social networking concept adapted to the business industry. Think Airbnb. A popular Hotel search and booking concept adapted to the Bed and Breakfast industry.
Seek And Address Existing Pain Points
Every business vertical has issues that will range from areas in marketing, customer acquisition, customer service, sales, operations and others. Chalk out the industries that you identify best with and would be passionate about working within. Then, speak to a wide range of professionals from that industry to understand what problems they are facing in their jobs. Write all the information down in an excel sheet and then begin to narrow down into the most common problems faced by people and choose the area that excites you enough (marketing, sales, operations, etc). There you go. You now have a list of problems that require a solution.
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This is not my specialty, however, I have been in your position many many times -- maybe this will help. If the product is in-tangible, then look for JV partners on the Internet. Try to find an expert that deals with these JV opportunities (like me). If the product is physical, then look for sales organizations that have networks of sales people across the country. You do the deal with the organization and the independent network of sales people sells your product. It's a sweet setup if you can negotiate a margin that works for everyone. Hope that helps - Cheers - NickNP
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Obviously, they do the fundamentals well. Good brand. Good experience. Good word of mouth. Good PR. Etc. Etc. But after my interview with Ryan Graves, the head of Global Operations at Uber (https://www.growthhacker.tv/ryan-graves), it became clear that they are operationally advanced and this is a huge part of their success. I'll explain. Uber isn't just a single startup, it's essentially dozens of startups rolled into one because every time they enter a new city they have to establish themselves from essentially nothing (except whatever brand equity has reached the city ahead of them). This means finding/training drivers, marketing to consumers, and building out local staff to manage operations for that city. This is where Ryan Graves comes in. He has a protocol of everything that must be done, and in what order, and by who, to ensure the best chance of success in a new city. So how has Uber grown so fast? Essentially, they figured out how to grow in one locale and were relentless about refining their launch process to recreate that initial success over and over in new cities. No plan works for every city, and they've had to adapt in many situations, but it is still a driving factor for their success.BT
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I have this social media idea,but no coding skills. How do I get someone to do the coding (cant afford to pay them) and not give away half of my idea?
Dilip was very kind in his response. My answer might be a bit on the "tough love" side. But that's for you to decide. My intention, just for the record, is to help you (and those like you) on your path to success. And that starts with having a viable philosophy about entrepreneurial-ism and business. And I'm going to answer this because I get asked some form / version of this question very frequently from newcomers to entrepreneurial-ism. The scenario goes something like this: "I have a great idea. It's amazing, I love it, and I just KNOW it's gonna make me a ton of money. But I have no money right now so I can't afford to (fill in the blank with things like "to build it / create it / market it / etc" or "to hire the required staff needed to work in my business to sell it / develop it / etc"). And I don't want to tell anyone about my great idea because I'm worried someone will steal it and make MY million / billion dollars. But I can't afford to legally protect it either... So how do I launch without the skills to personally create the product AND no money to hire anyone else to do that either??" The answer is ... You don't. Look - let's be honest. All you have is an idea. Big deal. Really. I'm not saying it's not a good idea. I'm not saying that if properly executed it couldn't make you a million / billion dollars... But an idea is NOT a business. Nor is it an asset. Until you do some (very important) initial work - like creating a business model, doing customer development, creating a MVP, etc - all you really have is a dream. Right now your choices are: 1. Find someone with the skills or the money to develop your idea and sell them on WHY they should invest in you. And yes, this will mean giving up either a portion of the "ownership" or of future income or equity. And the more risk they have to take - the more equity they will want (and quite frankly be entitled to). 2. Learn how to code and build it yourself. MANY entrepreneurs without financial resources are still resourceful. They develop the skills needed to create what they don't have the money to pay someone else to do. 3. Get some cash so you can pay someone to do the coding. You'll probably have to have some knowledge of coding to direct the architecture of your idea. So you will likely still have to become knowledgeable even if its not you personally doing the coding. (This is not meant to be a comprehensive list of options... And I'm sure some of the other experts here on Clarity have others to add - and I hope they do) To wrap up - Here's my final tip to you that I hope you "get"... It's FAR more valuable to have an idea that a very specific hungry crowd is clamoring for right now - One that THEY would love and pay you for right now - Maybe even one they'd pre-order because they just have to have it - Versus YOU being in love with your own idea. [Notice I didn't say "an idea that some as-of-yet-undetermined market would probably love"] I wish you the best of luck moving forward.DB
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What advice do you give to a 16 year old entrepreneur with a start up idea?
First, hat tip to you for being a young entrepreneur. Keep it up! If you have the funds to build out your MVP, hire a developer and possibly a mentor. If your idea is marketable, you don't need to give up equity by bringing in a co-founder. If this is your entrepreneurial venture, I would recommend you do retain a coach to help you see all the things you may not know. Have you already done your SWOT analysis? Have you identified your target market? What is your marketing plan? What will be your operating expenses? There are lots of questions to ask. If you would a free call, I'd be happy to help you in more detail. Just use this link to schedule your free call... https://clarity.fm/kevinmccarthy/FreeConsult Best regards, Kevin McCarthy Www.kevinmccarthy.comKM
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My startup just failed. What could I start to "immediately" generate $1,000/mo?
The quickest path to cash is almost always consulting. Be very specific about what it is you can offer. Don't just offer "business consulting". Find a niche and serve it. Reach out to your network, including friends and family and ask if they need or know of anyone who might want to hear about what your consulting has to offer. That will be way faster than trying to go at it from scratch or cold calling. If you call 100 people in your network this week, you will have a consulting gig within 3 weeks. Good luck, and let me know if you'd like advice on entering a digital marketing/lead generation consulting niche. I've grown from zero to $8,000 of monthly recurring payments in the last 40 days! DaveDR
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