Define
The frustrations and problems we face in everyday life can be considered opportunities for problem solving. It is vital, however, that we clearly know what issue we are tackling, so that our challenge statement is always clear in our mind. The more specific we are in the beginning, the better we can direct our time and resources.As Albert Einstein said, “If I had an hour to solve a problem I'd spend 55 minutes thinking about the problem and 5 minutes thinking about solutions.”
Bringing in Business Thinking: Some of the best entrepreneurship opportunities come out of a clear understanding of consumer frustrations. Starting with a clear challenge statement ensures a targeted use of resources during the development process, and potentially ensures that there is a built-in target market for whatever the final product or solution might be. Market analysis is one of the best tools for helping to define a clear value proposition, whether in the business sector or beyond.