The Problem Paradigm for Entrepreneurs

This is a picture of a light bulb to illustrate a light bulb moment.

We’ve all had that light bulb moment in bed at night or out on the town with friends. “I just know that this is going to be the next multi-million-dollar idea, it’s genius!”, you tell yourself. You open your laptop, consult Google, and find no comparable results! Bingo. Excitement builds as you ideate over the possibilities, you even contemplate quitting your day job. At this stage most prospective entrepreneurs want to put their foot on the accelerator pedal. World be damned, you are going to make your dream a reality! Well today, we’re going to discuss The Problem Paradigm.

Is there a market for this problem?

This is the exact moment when it’s time to pump the breaks. Seriously, slow down. Excitement is only natural when it comes to novel experiences, but building a successful business is an entirely different story. It’s not time to quit your job, it’s time to put your head down and research. Why does the world absolutely need this product or service? Is there an addressable market? If there is a market, is there a trend necessitating your product or service? In short, are you really solving a problem?

Most people get entranced by their own ideas and the outcomes stemming therefrom. Your primary job as an entrepreneur, however, is to create value and you create value by solving actual problems

Solving Problems = Creating Value

It’s not about your innate brilliance, it’s about making the world we live in a better place. The better you can articulate the problem to yourself and others supported by actual data, the more likely you are to execute on the idea and succeed. This is the Problem Paradigm.