I wanted to elaborate on my thoughts about creating a business model by firstly solving a problem for yourself. Whilst this is an incredible way of building a business, there’s a few thoughts that I’d like to share on the matter:
- If you are solving a problem, it is likely that someone else may have that problem as well (and subsequently they may opt for your solution). If your problem is however very unique to yourself, the likelihood of widespread adoption of your solution becomes much less likely.
- The bigger and more generic your problem; the more potential profit & significance your business may have.
- The problem you’re solving may be more unique / niche / specific, but your solution needs to be simpler and more generic.
- Your idea has a greater chance of success if you are being sincere in solving the problem i.e. solve the problem first & foremost and then figure out whether it’s possible to commoditize & monetize that solution.