If you want to build a business, start a problems list

What This Video Is About

When building a business, it's crucial to start by identifying a problem to solve, rather than beginning with a solution. This approach involves breaking down a business into three key components: person, problem, and solution.

Major Ideas Discussed

• Most people start with the solution, which is the wrong approach, as it doesn't consider the problem or the person willing to pay for a solution.
• The correct approach involves identifying a person with a problem who is willing to pay for a solution, and then delivering that solution.
• This approach applies to various industries, including tech, where people often start with the solution, such as building an app, without first identifying the problem and the person willing to pay for it.
• Starting with a problems list helps to ensure that the solution being offered is something that people are willing to pay for.

What to Watch Next

Business owners and entrepreneurs should focus on identifying problems in their industry and developing solutions that meet the needs of their target market, rather than starting with a solution and trying to find a problem to fit it.