How to come up with business ideas

Name: How to come up with business ideas
Uploaded: 2024-01-25T00:17:32+00:00
Duration: 27 s
Channel: Ryan Shank
Description: In this segment of Ryan Shank's "How to come up with business ideas" video, he advocates the "scratch your own itch" method for ideation. He explains…

25 Jan 2024 · 0 min

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In this segment of Ryan Shank's "How to come up with business ideas" video, he advocates the "scratch your own itch" method for ideation. He explains that entrepreneurs should start by identifying a problem they personally experience and cannot find a satisfactory solution for. Because the founder lives the problem daily, they understand it deeply, which aids in building an effective solution. The key insight is to ensure that the personal problem is shared by millions, making the product scalable beyond the founder’s own need. By solving the founder’s own itch, the entrepreneur creates a product that can be marketed to a large, similar audience.

You want to solve something for yourself that also there's millions of other people just like you that have that same problem. And then, you know, the problem so intimately because you're dealing with that problem yourself and you're not able to find a great solution. So you want to build a product for that problem that solves it for yourself, what they call scratching your own itch, and that you're going to be able to then offer that solution to millions of other people who probably have the same problem that you have.