The StartUp Problem Statement is the entire thesis that validates your startup’s right to exist

Name: The StartUp Problem Statement is the entire thesis that validates your startup’s right to exist
Uploaded: 2024-02-18T05:46:35+00:00
Duration: 58 s
Channel: James Sinclair
Description: James Sinclair argues that your problem statement is the entire reason your startup should exist. Most founders write shallow problem slides, but the…

18 Feb 2024 · 1 min

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James Sinclair argues that your problem statement is the entire reason your startup should exist. Most founders write shallow problem slides, but the real work is answering: who has it, do they know it, will they pay, how much does it cost them, and what already exists.

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If you're a startup founder and you are doing your problem statement for the first slide of your pitch deck and that's the reason you're coming up with your problem statement, then you're doing it all fucking wrong. 100% wrong. There's a billion ways the startups can be successful, but there's probably maybe a dozen that if you don't do, you're just probably guaranteed to fail. And one of them is understanding your right to exist. The core thesis of why you exist. That's what the problem statement is. Who's having this problem? Do they know they're having the problem? Are they paying to solve them? Problem? What's the cost of the friction associated with the problem? What existing solutions exist? This is not your tam. This is not your downstream stuff. You know your tam, your metrics that matter. Your solution. The problem statement is independent of your solution. Does this problem exist and what is the size, scope, impact and pain associated with it? Here's a tool book that might help. Good luck.