Part 2: Solving a problem
In the last post we looked at CREDIBILITY; part 1 of a simple 3-step process of being a successful business.
Being credible will get you listened to, but you will only be needed if your product or service solves a real customer need. Ask yourself: What problem does my business solve for the customer?
The mistake that many entrepreneurs make is that they become blinded by their passion. (Reading too many self-help books will do that.) It really isn’t about you and what you are good at.
A successful business is not about scratching your itch, but scratching a customer’s itch. Just because you like baking cakes does not mean there is a need for another patisserie.
Be honest with yourself when evaluating business opportunities. Be ruthless in your assessment of the demand for your product. Are there sufficient customers who will pay money for you to solve a specific problem or address a specific need?
You don’t have to spend big to determine the scope for your idea. But you do have to step outside the emotion. Be rational; think through your venture before you start.