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After identifying a problem, how do I evaluate potential for venture creation?
in Starting a Startup by Wooden (2,050 points) | 10 views

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Now that you’ve selected several problem statements to explore further, we’ll conduct further research and determine which problems represent the best opportunities for venture creation. In order to evaluate a problem for entrepreneurial opportunity, you should research three key areas further: the problem, the people, and existing solutions.

The Problem

  • What is the problem, need, and/or opportunity that needs to be solved?
  • Why is this problem important to solve? Think through importance in terms of both anecdotal data and hard facts/statistics.
  • How painful is the problem? In other words, is it life-saving, annoying, cost-saving, widespread, etc.?

The People

  • Who has this problem or need? How do you know people need or want what you aim to sell or provide?
  • Who will your primary customers be? In other words, who will benefit from and/or pay for your solution?
  • How many people have this problem?

Existing Solutions

  • What are the current solutions to this problem?
  • Does a solution exist in the market? Who is providing this solution?
  • How are people creating their own solutions to this problem?

After you have researched and defined the problem, the people, and existing solutions, you’ll be able to evaluate each problem for venture potential.

by Wooden (2,050 points)
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