Find and Solve a Problem

What do I need that I can’t have for a reasonable price?

  • What I personally need?
  • What the world needs?
  • What sucks, in your life or those around you?

Do others suffer from the same problem?

  • How many people would like to see this problem gone?
  • How many of this people are ready to pay for a solution?
  • How much are they willing to pay for it?

Is it worthwhile for me to invest in providing this solution?

  • Am I excited to provide a solution for this problem?
  • Am I ready to spend a really long time solving this problem?
  • Am I going to earn money from the solution I provide?

Find Gaps in Market and Answer Them

  • Use customer satisfaction metrics to find industries with unsatisfied and disgruntled customers.
  • Brainstorm products which should delight this unsatisfied customers.
  • Create an MVP and survey result. Fix the real problems.
  • Make a more stable product and sell.

Localize

  • Find solutions to existing problems provided by startups from around the world. This can be done by observing trends in different countries and regions.
  • Acquire them, or if it’s without a unique advantage in your area, copy and localize them.
  • Customize and enhance them with your native market’s needs, and social and economic distinction.

Cut a Share of Growing Markets

  1. Find markets that will multiply their size in future years.
  2. Identify the largest players in these markets.
  3. Start identifying and designing solutions for their needs.
  4. Design infrastructure that can provide the set of solutions for these markets’ needs.
  5. Start your business with currently needed solutions while planning toward the goal of building the infrastructure.

Make Something Premium Free

Find markets that you can disrupt:

  • Find an overpriced product or service.
  • Find a service which can be automated using technology.
  • Find a business in which it’s costs can be shipped as a part of the product.

Hunt for New Technologies

Find new technologies or advancements, and how will that change the business landscape or be utilized to improve current businesses. Often this changes are sudden, but sometimes technologies required for specific applications pass the threshold to be useful so slowly that are ignored by it's domain experts.
Also finding innovative way to combine multiple newly emerged technologies is a winning strategy.