A Better Mousetrap
The old adage, “Build a better mousetrap and the world will beat a path to your door” has created more problems for aspiring entrepreneurs over the years than perhaps any other. It’s extremely hard to push a new idea or product out to potential customers without first understanding what is important to them. It’s the classic “solution looking for a problem” that I’ve seen time and time again. This approach is destined for failure. Customers will only buy from you if you satisfy a need (i.e. solve a problem) for them in a way that is dramatically better than the current solution. This is commonly referred to as the “Goodness Factor” and you’ve got to have it in order to be successful.
So how do you know if you’ve got a meaningful Goodness Factor? The best way to learn about your customers needs (and to craft a compelling solution) is to get out there and talk to them! Investing time to learn about the current state of the market, understand what is available and where existing solutions fall short will provide you with the data needed to uncover real and meaningful opportunities.
There is no substitute for putting in the work and talking to potential customers. Get out there and find the problem! Once you know the problem, you can create a solution that will put you on the path to building a successful business.
Is there anything holding you back? Let us know below.