Find a great problem to solve

- Your Problem and Solution Statement. One of the most important things that you can do is to find a really good problem for your business. In fact, it really helps to find business success. I always like to start off by asking a couple of really good questions. Like what problem are you trying to solve? Really important. What need is your business fulfilling? What pain point is out there that you're going to solve? Those are some key questions that you always want to make sure you keep in the back of your mind. Now, I love this quote from Albert Einstein, so I'm going to read it. "If I were given one hour to save the planet, I would spend 59 minutes defining the problem and one minute resolving it." I love that quote, 'cause that really sets the tone for what we're talking about today here. So, one of the things that I found entrepreneurs do quite often is they actually try to solve a problem that doesn't exist. Or, they have a solution that's in search of a problem. So, we have to make sure that you don't do that. We want to have a really good problem statement, and then we have a really solid solution, and that's going to make a whole difference in your business strategy overall. The strength of the problem that you're going to solve, or that you want to solve, the stronger that problem is, the more that need is, the bigger that pain is, the more successful your business can actually be. Which is kind of interesting on that as well. I think a problem statement does a couple of things. One is it helps focus you. It helps focus you on really what's important about the business. It helps to validate the business strategy overall. It also gives your business purpose. Like if you're out there solving a problem, the business has purpose, which I think is much more important for you. Now, investors, very important. Investors are going to always ask you, when you sit down and you sit down with an investor, the first thing they ask is, what problem are you trying to solve? And they want to know the answer to that, (snapping) and you've got to be really on with them, okay. Make sure of that. Also, if they identify more with the problem, then they're going to be much more likely to invest. So I've watched it in their eyes, they light up when they really go, wow, I have that problem, I've experienced that problem. I know what that pain feels like. They're much more likely to connect to you, and ultimately invest. Now, you can't craft every problem to every investor, I get that. But, just be aware of it when you see it in their eyes, and their eyes light up, boy you've made a connection with them. Also, with investors, they're looking for a big problem. They want something big because they want to invest in it, and they want it to be huge. So the bigger the problem means more money for them. So, I also want to make sure that you know that a problem and solution statement have to go into every business plan. It is an actual requirement to the business plan, and to any presentation deck. It's probably one of the most important slides that you can really start off.