#654 Entrepreneurship & Business – S3 E7 – Solve Problems!

If there is one thing our idea urgently needs to have, it is this, it needs to solve at least one problem in life.

Sometimes we do not even see it any longer. We are too absorbed by the commercials, the hype, the way a certain brand or product seems to be everywhere around us. But at the end of the day, every product needs to do one thing more than any other, and that is generating an income for a company. I know, we shouldn’t focus too much on money anyways, but it’s the important thing in the equation. If you want to build up a brand, or share your product with the world, at the end of the day, you need to be able to continue doing it. You need to have an income stream, however this might look like. But, just earning money with something should never be the goal at the end of the day. If you want to have a good product, you need to solve at least one problem.

Problems. We all seem to have them. We all seem to find new ones while going through life. We all seem to seek for an answer, a solution, a way to solve those problems of ours. But problems can have a huge variety of importance in life. There are very important, but basic problems, first world problems, life threatening problems and I guess we could go on like this forever.

Pick one problem out of the thousands of problems out there in the world and solve it. Your idea doesn’t need to be the best, your idea doesn’t need to be the cheapest, your idea just needs to solve a certain problem for a certain amount of people in the way, those people want the problem to be solved. Can you follow this? Let’s do an example.

While Buggati is solving the issue of having too much money for a couple of people every single year, the other brands of the VW clan are more focused on everyday people, trying to have a solution for each and everyone out there. For sure, they do not build a car just for you, but they build so many different cars with so many different options, that basically, they change their product in such a way, that for the customer, it feels like a car becomes your personal solution to your personal problem.

Photo by Andrea Piacquadio on Pexels.com

While in the past, a product needed to fit to the masses and please literally everyone, today’s products can be more personalized. Individualization, Customization, call it however you want. But at the end of the day, if there is no need for your product and no desire to have it, you will fail. And that’s what many companies experience every single day.

When I have started working in the automotive supplier industry years ago, I honestly did not understand the market. I thought that you just need to have a product and that’s it. But at the end of the day, that’s definitely not it. You have competitors that are trying to copy your idea, fight your prices or product quality. You have customers that change their opinions, their needs, the way they life. You need to maintain a certain image, be right at the top and represent something we can call authenticity.

But nevertheless, still, there are many, if not even millions of ways how to do it in the end. Do you want to solve the issue a hand full of people have, or do you want to solve the issues everyone have? Do you want to earn a lot of money, or do you just want to be able to continue doing what you do? Do you want to sell your company one day, or are you the product? What kind of service do you want to offer? In which countries do you want to be active? There are thousands of questions. And mostly, we can not even answer them all. But is there even a need to answer them all?

In the current state of my project, I do not see a need to answer those questions. Why? Because I have not yet found the thing I want to do. I have not yet found the idea, that seems to be the one I am looking for. And sure, how do I know? Maybe it’s the blog that will jump through the roof, maybe it’s my book, my racing career, or a mistake that I will do somewhen in the future. The funny thing about life is, that there are thousands of ways how to end up reaching your goals. Therefore, there can not be just that one way how to do things. There are always multiple of those ways and sure, history taught us one thing, if you take a new path nobody was taking before you, sure, the risks are very high, but if you succeed in finding the way to the top, you will have a different kind of success, an outstanding one, a very innovative one that offers you the advantage of being a couple of steps ahead of your competition.

Look at the problems you have, look at the problems others have. Look at the problems that are there and try to find a solution. There is more than enough money in the world, we just need to give the right people the right product at the right time.

Solve problems and people will start to want your product.

See you next time!

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