DOES YOUR BUSINESS SOLVE A PROBLEM?
There is no time like the present to start a business. With the number of resources available, access to online information, and ways to reach an audience from almost anywhere, many professionals are finding ways to follow their passion for entrepreneurship. One of the first questions an aspiring entrepreneur must ask themselves is, "What problem does my business solve." In short, if your business doesn't solve a problem, you don't have a business.
Let's get started with a few of my critical points around providing a solution as an entrepreneur.
Though I am a fan of business ideas that are fueled by a dream, my experience as an entrepreneur has revealed that companies that successfully scale solve a problem. Therefore, solve an ongoing problem, and you will get continuous business. Examples that we are familiar with would be Amazon and Instacart. Other examples would be childcare facilities and many inventions that help us save space, time, and energy. When your business can fill a gap and provide convenience, it increases opportunities for success.
Let's shift gears to examples in the fashion industry. Most clothes provide covering. However, it's more than covering for well-known brands. Think about brands such as Polo, Gucci, and Prada. Not only do these lines provide covering, the essential essence and function of clothes, but they deliver QUALITY materials in most cases, and perception of status. Walmart has a whole section of clothes for covering. However, many factors differentiate the purchasers based on demographics and the perceived need that clothing addresses. Therefore, if you are starting a t-shirt line, how will this t-shirt connect with your audience by solving a problem?
In conclusion, when thinking about your business, get very clear on your audience and the problem that your business solves. For more assistance on scaling your business, reach out to me at email@example.com