What is the problem your company tackles for its customers? This answer is at the core of your business' existence. The success of your business hinges on identifying and solving a problem, and the effectiveness of solving the customer's problem determines the likelihood of your business succeeding.
The narrative of how your company addresses a specific customer need is a crucial element of your business plan. It not only validates your business strategy, but also convinces investors that your company is solving a significant problem.
This course provides strategies to identify and develop a compelling problem and solution statement. It includes techniques to identify customer pain points and emphasize the concrete solutions your offering provides.
Why are Problem and Solution Statements Important in Business?
When starting a business, it is crucial to ensure that your business concept addresses a specific problem that your target market is facing. Without offering a solution to a relevant problem, your business may not be viable. In this guide, I will outline the process of creating an effective problem statement for your business.
Once you have clearly identified the problem, your business can then focus on providing products and/or services that solve that problem.
Crafting Your Problem Statement
By addressing this crucial inquiry, you can assess the viability of your business venture. In the event that you are unable to provide a positive response, it is possible that your business concept lacks feasibility.
Now, let's analyze the essential components of an effective problem statement. This analysis will guide you in formulating an outstanding problem statement for your business.
Evaluate the effectiveness of your problem statement. Does it genuinely address a pressing issue or articulate a significant requirement within your target market? If not, it may be necessary to reconsider your approach.
Craft Your Solution Statement
Take a closer look at the crucial components of a solution statement. Investors are particularly interested in understanding the precise approach you will take to address the problem you have identified. It is important for your problem statement and solution statement to complement each other seamlessly.
Avoid the common pitfalls that many entrepreneurs encounter when formulating their problem and solution statements.
Examine the process followed by Ubeam, a company that successfully developed their problem and solution statements.
We will delve into the essential elements of both your product and solution statements to ensure that you cover all the necessary aspects.
Now is the moment to start writing, whether it's with a pen and paper or using a keyboard. Explore the planning worksheet that will help you craft a problem and solution statement for your business plan. The crucial element for success is dedicating enough time to truly comprehend your business and be ready to manage it. Utilize this writing workshop and planning worksheet to achieve exactly that.
I suggest downloading this useful course handbook to assist you throughout the course and serve as a valuable reference material in the future.
Who this course is for
- Start-Up Founders
- 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
- Perfect timing and the insights till now are those that I was exactly looking for.... Excited to learn more ~ Yogen P
- 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
- 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
- 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
- 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
- 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
What you'll learn
- Why do I need to express my company’s purpose as a problem and solution?
- How can I adopt a customer-first viewpoint to define the problem and solution statement?
- Is the problem my company solves too big or too small?
- How can my company’s offering address the needs of customers?