In my last post, I talked about what NOT to do when starting a business, and tips on finding your idea. 

This post is to flesh this out a little more, more into a problem/solution scenario. Understanding the problem and how your product helps will really help out with the following:

• Whether this is something some people will actually want to buy
• Give you a better idea of your customer, which will help with marketing activities later down the line
• Give you a real sense of whether this is something that excites you and lights you up inside (key ingredient in an entrepreneurial journey). 

One great piece of feedback I got was 'You don't have to reinvent the wheel'. There may be similar products and services out there and that is ok. The key is to use your idea to create value for the customer - if you really nail that, your competitors don't really matter. There's plenty to go round :) 

So here's the exercise- answer 4 questions:  

Problem:

What is the problem you're trying to solve? Defining this helps you not only develop your product, but also get it clear in your head whether this is something 'sellable'. It's really easy to get overexcited about a product, but not put any thought into whether it actually meets a significant need in the market place. 

For My Happiness Journal, I wrote:

People don't spend put enough effort into resting and relaxing each day. There's a massive imbalance, with most of us in 'fight or flight' mode all the time. This leads to chronic disease, gut issues and autoimmune conditions for a large part of the population. 

Solution:

Overall, what solution would solve this problem?

For My Happiness Journal, I wrote:

Invest more time into 'rest and relax', self care activities, daily.  

Statistic:

What statistic can you find, that highlights the problem? 

For My Happiness Journal, I wrote:

Burnout translates into a loss of anywhere from $150 to $350 billion annually for U.S. businesses and likely to be comparatively the same in Australia. 

Product:

One liner on your product to answer the above problem. 

For My Happiness Journal, I wrote:

My Happiness Journal - a guided self care practise, that allows people to turn 'inwards' as a source of inspiration, happiness and energy each day.  

Now, your turn :) 

Remember, the entrepreneurial journey is lots of small steps, consistently. It's not rocket science. Just needs persistence, passion and patience. 

Email me if you have any questions/value my opinion on anything - rhoda@rhodamalia.com

My Happiness Journal