Building a business is great but sustaining it with high profit margin is more important.
Developing a business is not as important as building something worthwhile.
Entrepreneurs or start ups are so anxious about developing their ideas to a profitable business while they neglect some vital considerations which need to be add to the business.
While developing your business, you may have neglected some core value which has even prompted the business just because your want your product/service to be top notch.
That’s so common with startups (I was once in that shoe too. I was totally taken away with the fantasy of the product I want to bring to existence.).
Startups want to come up with product that will wow people, so they spent so much time on the product and not on the user.
They have forgotten that “It is not about the product only, buy much more about the user”.
So the time that ought to be used for developing the ” EXISTING PROBLEM WITH THE USERS”, they are carried away with product and it wasn’t surprising that the product look nice and interesting but doesn’t meet the needs of the target audiences.
Now, let’s talk
As a starter, what you should spend your time with is the “PROBLEM AND THOSE THAT ARE AFFECTED”.
All your brainstorming sections with your team should focus more on the problem you wanna solve and how it affect the people.
The more time you spend with the problem, the better you will be able to teem the problem and more clearer the solution will be.
In fact, the solution may be so simple that your MVP can clear the table with one stand.
During my ENACTUS years, I have worked on several community development engagements which has expose me to drilling the problem to the bottom line before even thinking of proposing a solution.
We spent time analysing the problem and asking millions of questions why the problem exist and what has keep the problem flying for a long time like that.
We surely know that a problem doesn’t just exist in its own, there is a sure root to it. And the fact is, the problem can even be a subject of another.
For instance, you want to solve the problem of a community with issue of malaria. As a problem solver/entrepreneur, if you have focus on producing drugs that will cure malaria, well you have done well.
But don’t you think of it that, it will be better to look deep into the problem and ask yourself or your team “WHAT CAUSES THIS MALARIA?”
Your solution should be focus on what causes malaria and not malaria itself. If you are able to scrutinize the problem very well, then you will know that malaria is not the problem at all but the root of it.
Oh…. I can read your mind. You are asking “If you provide solution the root of the problem, how then will my business continue to generate revenue. Does it mean I have to do a one time business?”
That’s is another angle of entrepreneurship in Africa where the person selling generator which also owns an oil and gas company is called upon to solve the problem of light?
Do you think such person will able to proffer substantial solution to such problem.
Anyway, that not what we are pointing at today.
Spend more time with the problem before you attempt to building the solution.
And if the solution turns out to be a one time business, there are strategies to ensure your business stays a float.
I will surely discuss this in my next write up.
What is your take from this… Add your comments and share your experience too.