Ideas & Problems

9:27 PM Saturday, November 26, 2016 adrian oh 0 Comments

Ideas are a dime a dozen. We can have a lot of ideas, but as long as the ideas are not focusing on solving problems, the chances of a commercial success is very low. (Not all ideas are meant to solve problems, some should be just purely for fun.)

That's why according to my friend @Wilson Jing Qi Quah - it is important to focus your ideas on problems, if you care about commercial success.

1) Identify problems or pain points. Start asking your customers now, what are the top problems they are facing?

2) Brainstorm and come out with ideas on solving the identified problems.

3) Is the problem painful enough that people will pay for? (There are a lot of problems that people are not willing to pay for). Some of your ideas might be so good that your customers will pay cash upfront to fund your product development!

4) Execute, execute and execute your ideas - put it into a real products or services.

5) First few ideas could be wrong, you will need to continuously fine-tuned it with the market feedback loops.