Excuse me, is there a problem?
Many startups fail despite identifying a real problem and building a product that solves that problem. This explains why, so you can avoid their fate.
The article explains why many startups fail despite solving a real problem and how to avoid that fate. It presents a model of the path from “The Problem” to “Viable Business Model” and discusses the challenges and strategies at each step. The steps are:
- Plausible: Do enough people or companies have the problem?
- Solvable: Can you build a product that solves the problem?
- Desirable: Do people want your solution enough to pay for it?
- Reachable: Can you reach your target customers effectively and affordably?
- Profitable: Can you make enough money to sustain and grow your business?
The article provides examples, data, and questions to help you evaluate your idea and market at each step. It also warns you about common pitfalls and misconceptions that can lead to failure.