Problem-based business ideasΒΆ
Virtually every business today exists because it solves a problem.
What are the first 5 companies that come in mind? What do these companies solve?
- Uber gets you where you want to go faster and cheaper
- Airbnb saves you from being price-gauged by hotels and helps you being from a generic steril experience of sleeping in a motel
-
Any video game company solves the problem of being bored
-
Dropbox was founded because the founder was tired of bringing files to work and back
- Mint was founded to keep track of personal finances
Take out a sheet of paper and write a list of problems you have day-to-day. Where there is a problem, there is an opportunity.
Then list next them 2 things - frequency and depth.
Frequency - how often do I have this pain? Rate 1-10 Depth - How big of a deal is this pain? Rate 1-10
One of these must be very high. For example, Uber doesn't solve a huge pain (depth) but the frequency of how often people need a car is high so that is why they're such a big company.
Then ask yourself: - can I solve this problem? - Is it worth solving?