The root of much entrepreneurship is problem-solving. Solving a problem you’ve had, solving a problem someone you know has had, solving big problems, solving little problems.
The problem with problems is that they are each different, have varying dimensions, and they each require different approaches.
A future paper will outline a model that can be helpful in supporting and mentoring entrepreneurs in better understanding how to evaluate the problems they are working on and providing perspectives as to why some problems may not be worth the effort.
Problem dimensions
I posit there are four dimensions that entrepreneurs can use to evaluate a problem:
- Frequency – how often does the problem happen
- Severity – how severe or challenging is the problem when it happens
- Urgency – how urgent is the problem when it happens
- Longevity – how long does the problem persist for
Building a solution for a problem that is very frequent, very severe, very urgent and carries on for a long time might be one that can stand out in the market.
There are other dimensions, but these are great starting points for evaluating an opportunity and knowing what you may be up against.
More to come…
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