When the problem has been identified, broken down and understood enough to articulate it in an authoritative and concise manner, your expertise will help earn the trust of the public. This also allows you to market your product or service in the most emphatic and appealing way possible. Your future customers want to know that you are an authority on this problem and trust that your solution is the best one available. The first is obvious: Without a clear understanding of the problem, how do you expect your solution to be effective? The second is to ensure that your solution is accepted by the general public as a product or service that is necessary. Understanding The ProblemĮven if you have identified and broken down the problem you intend to solve, it is vital for you to have a fundamental understanding of the problem and the ability to articulate what it is. Property managers are able to solve a problem that affects a wide variety of individuals, and while it might not have the same impact as a company such as Amazon or Google, property management businesses do provide a service that supports a need. It's not always about finding the problem but figuring out how your solution can be a profitable and necessary fix.įor example, in the case of a property management company, the business offers a solution to the problem that landlords face every day: They either cannot manage their properties alone or are unwilling to do so for whatever reason.
The answers to these questions can help paint a vivid picture of the success or failure of your potential business. Does this problem impact a lot of people or a select few? Is this a problem that has no current solution? Would the problem be solved by taking alternative actions of some kind? Would those actions pose other significant problems that make your product or service an invaluable solution by comparison?
Now think about why it's a problem that you feel needs solving. Breaking Down The ProblemĬonsider what you've decided to be the problem that your business is positioned to solve. Perhaps your new version of a solution works more effectively and efficiently than the existing version. This, in itself, is solving a problem because you might have determined that the current solution fails on some level. You might end up realizing that a problem already has a solution, but you have found a way to build a better version of that solution. 2.Identifying the problem might not be immediate at first. He held onto the role of president and CEO until 2005 when Debra L. At the time, BET reached 62.4 million homes. In 2001, Johnson became a billionaire after selling the station to Viacom for $3 billion, which catapulted his net worth to an estimated $1.3 billion. "My big break came when cable magnate John Malone, then CEO of Tele-Communications Inc., the country's third-largest cable company, decided to invest in my company, even though I had no experience running any business, never mind a national media company," he told Fortune. In the spring of 1980, Johnson took out a $15,000 loan and set out to launch his own business. "I said, 'Wow, you could take this concept of technology and target black programming,' which has always been a dream of various individual black media types - creating a black-oriented network," he told Fortune in 2002. There, he learned both the business and technological side of television. He got his start in cable television after working in pay TV, where viewers pay through a subscription to watch a particular channel. Johnson created BET, a prominent cable station targeted toward an African-American audience, in 1980.
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