Identify and Solve the Right Business Problem

What problem does your company solve for customers? Your answer is the reason your business exists. The story of how your company addresses a specific customer need is an essential component of your business plan; not only does it validate your business strategy, but it convinces investors that your company solves a meaningful problem. This course covers strategies for identifying and developing a compelling problem and solution statement, including how to identify customer pain points and highlight the tangible remedies your offering provides.

Introduction

The key to your business's success is finding a problem and solving it, and the strength of the customer problem you're solving determines the likelihood that your business will solve it.

What are Problem and Solution Statements

If you are going to start a business, your business concept must solve an existing problem that your target market is currently experiencing, otherwise you might not have a feasible business. We will show you exactly how to create a problem statement for your business.  

Once you articulate the problem, then your business must solve that problem with its products and/or services. 

Create Your Problem Statement

Answering this key question will help you in determining the feasibility of your business. If you can't answer it in the positive, then maybe you don’t have a feasible business concept.  

Let's break down the key elements of any great problem statement. This will help you construct a stellar problem statement for your business.

Put your problem statement to the test. Does your problem statement really solve a painful problem or articulate a strong need from your target market? If not, you may need to rethink things.

Create Your Solution Statement

Let's review the essential elements of a solution statement. Investors are keenly focused on exactly how you are going to solve the problem you articulated. Your problem statement and solution statement must fit together nicely. 

Make sure you don’t make the same mistakes many entrepreneurs do with their problem and solution statements.

Explore how one company (Ubeam) came up with their problem and solution statements. 

We will review the essential ingredients for both your product and solution statements so you make certain you don’t forget a thing. 

Workshop

Time to put pen to paper — or fingers to keyboard. Take a look inside the planning worksheet that prepares you to write a problem and solution statement for your business plan. The key to success is taking the time necessary to deeply understand your business and be prepared to run it—use this workshop and planning worksheet to do just that.

Course Guide

I recommend that you download this handy course guide to aid your journey through the course as well as great reference materials for the future.

1. I'm not graduate from economic bachelor and English is not my mother tongue. But this course and how Mr. Ken explained the content is really easy to understand for beginner like me. Thanks to Mr. Ken for answered all of my question with a fast and easy understandable answer! ~ Diantini S
2. Perfect timing and the insights till now are those that I was exactly looking for.... Excited to learn more ~ Yogen P
3. Such an amazing course. You'll be able to understand and create your own business plan and you'll get a lot of valuable advices ~ A Cerimagic
4. Lot’s of info in this course. Ken really takes you from A to Z . Just what I needed for my business to take off. Thanks ~ Hugo M
5. I'm new to the business world and have been looking for courses with practical guidance. This course definitely provides that and so much more ~ S Slawinski
6. So far so good! A lot of challenges I'm facing in my work place Ken has highlighted the root course, which I was not expecting. He is clear, very engaging and breaks down the jargon. He is straight talking, right down to business attitude. I've just completed the first chapter and he's restoring a little faith in me so quite excited to keep learning (I know, I sound like a nerd) ~ Harrie T
7. This course is the right match for me as I know some about business but believe in always improving. I also want to make sure I have a solid foundation for my business so I'm positioned right for the new year, and growth ~ E Jollymore

1. Why do I need to express my company’s purpose as a problem and solution?
2. How can I adopt a customer-first viewpoint to define the problem and solution statement?
3. Is the problem my company solves too big or too small?
4. How can my company’s offering address the needs of customers?