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Find a Problem That People Will Pay You to Solve (with Jonathan Greechan)

Name: Find a Problem That People Will Pay You to Solve (with Jonathan Greechan)
Uploaded: 2022-05-16T18:56:58+00:00
Duration: 1 min 8 s
Channel: Royston G King
Description: In this segment, the speaker explains the concept of customer development as a systematic approach to discovering a problem worth solving. The first step…

16 May 2022 · 1 min

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1:08

In this segment, the speaker explains the concept of customer development as a systematic approach to discovering a problem worth solving. The first step is to identify a problem that impacts a large number of people and that those people are willing to pay to have solved. The speaker emphasizes that a problem affecting only a small circle (e.g., oneself, family, friends) cannot sustain a business, and that personal annoyances are insufficient unless they translate into a willingness to pay. The core message is that sustainable startups must target high‑impact, paid‑for problems before building a solution.

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There's a term in startups, and you can Google this, customer development. You'll go down a really big rabbit hole, but I promise you it'll be a useful rabbit hole. Customer development is essentially the process by which you find a problem worth solving and then you go so deep into that problem that you understand every single component of it so that you can build a perfect solution. Okay, that is what customer development is. And, um, really the first step of customer development is to figure out the problem. It's that it's actually worth solving. All right. And to make it worth solving, to make it a sustainable business, it has to affect not just you and your family and a couple of your friends. It has to affect a large number of people. Otherwise, it's never going to be sustainable. And number 2, it has to affect them in a way that they will pay to solve it. All right. There's a lot of little things that nag me every single day, but am I really going to go out of my way to pay to solve that problem, right? Probably not. So you have to figure out, number one, affects lots of people. Two, it affects them so much that they will pay to solve it.