Second question- 2.What is the unmet need?
This past Saturday saw the first series of pitching in order to determine the top 50 beneficiaries in the #YouthstartCT competition. (I have attached a few photo’s from the first group’s pitch)
I must admit to being pleased and surprised by the diversity of ideas and engagement of these young people. To consider that some of these young people have had little exposure to business think; little opportunity to be influenced by models and that this was for some their first competition of this nature……I want to honour their resilience and courage!
Last week I also began a series of 7 questions to ask yourself before starting a business
The question for this week is, “What is the unmet need?”
Every business venture should seek to satisfy an unmet need, a “point of pain” or problem facing customers. Every business should offer something that prompts people to part with their hard earned money to either solve the problem or fulfil a desire.
Sometimes the need is not so obvious; some entrepreneurs learn to see “around corners”. When Steve Jobs began to build Apple, the customer didn’t yet know or articulate the need for outstanding laptops/smart phones. Remember to that Innovation doesn’t necessarily have to be contained to your product, it can also extend to the business model or purchasing method. Air BnB and Uber are classic points in case.
The most successful startup businesses identify a need and then provide a solution, rather than coming up with an idea and then trying to find a market for it. In other words, start from the market side.
If you are starting up, you may gain great benefit by ruthlessly asking yourself what is the problem my idea/product will solve? If you cant come up with a clear, attractive and profitable answer, it may be time to start with the problems/pains facing the market you are thinking about.
Spotting opportunities. For those wondering how to better spot opportunities, I have attached an article I wrote for the Independent Community newspaper. Enjoy
Building strong businesses led by resilient entrepreneurs.