Putting together Your Business Idea. Getting the right Solution and Medium for Your Problem & Target Market.

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Previously, we looked at finding a problem which you can use to base your business idea on. The last section required that you write a list of all of the possible solutions that you can come up with. In case you have forgotten, I shall begin with a small reminder from the end of the previous post:

A solution and how you will execute it (its medium) are not the same thing.

For example, the solution to the littering problem may be to teach people how to properly handle their garbage. The mediums for this solution may be a mobile application, a website, handing out pamphlets, holding conferences and so on.

Note: Today I will try something different, I will leave what we will call thinking traps that you may fall into as you follow the steps so as to better address and avoid them. Thinking traps may be assumptions people often make or possible misunderstandings and so on.

Now that that is out of the way, let us find out how to pick the right solution and find the medium best suited for it.

Let’s take a look at that solution

Step 1: Make a list of possible solutions.

In case you chose to skip over the task from the last post (despite my hints in the beginning of this post), I will re-iterate: make a list of possible solutions, (there should be at least 5). Don’t throw in the towel after two or three, get as creative as possible! This is because the more creative and unique your solution is the more value your business will provide.

Thinking trap: Complexity does not equate to how unique your solution is. Ideas don’t have to be hard to pronounce or sound ridiculously smart for them to be good.

Step 2: Rank your solutions from best to worst (or vice versa) and pick the best one

Exactly that, rank them. Use your gut feeling and sort them from best to worst (or vice versa) and pick the best one. If you already know which one is best, skip the ranking. However, if your gut is giving you the silent treatment choose a metric or pick a solution at random. Why at random? We will validate as many solutions as needed for you to get to the best one. Examples of metrics can be how effective the solution appears, how creative it seems and so on.

Thinking Traps:

1. If you already have a medium in mind and the solution you pick based on this is not always going to be the best one.
2. Picking a random solution or picking one based on your gut defeats the purpose of this exercise. That is not true, you are choosing what seems to be the best solution, validation will decide whether or not this solution is truly best suited for your market and problem.

Step 3: Take a step back and validate that solution

Look at the primary issues within your problem. Does this solution directly mitigate or solve the problem at hand? How well would it do so? How would you know? Let’s get into that…

Carry out your market research, and attempt to solve the following questions:

1. How suitable is the solution to the problem?
   Does your solution directly address the pain points highlighted from your problem? Make a list of them and find out.
2. How suitable is the solution to your target market?
   Do they understand what the solution is? Do they relate to the solution?
3. What assumptions have you made?
   Have you made any assumptions while addressing 1 & 2? Have you made any assumptions with regard to your solution? Write them down, choose the assumption that would make or break your solution and carry out research on its validity.

If any of these questions cannot be answered or have lead to answers you do not like, move onto the next solution on your list. However, if you have already gone through and validated all of the solutions on the list you made and none of them were suitable, you should probably have a 30 second dance party. I am quite serious (this is something worth celebrating). Your current solutions were either inadequate or perhaps this problem is not worth solving. Look at your list…can you add another solution? If so, try again! If not, pivot and choose another problem.

Thinking traps:

1. This is the shortest and simplest phase.
   This is not the shortest phase. It may be the most time consuming, however give it the time and effort that it deserves
2. You can ask your friends and family — they will be enough.
   Ask strangers. Friends and family are good, but they can be dishonest as a means to spare your feelings. In the least ask your colleagues who do not need to spare your feelings, or better yet, ask a random person in a coffee shop.

Step 4: Repeat the above steps until you have found the solution that is the best fit for your problem and target market

Don’t stop after validating only one solution, check at least 3. Do not assume that what you think is the best, is the best.

Finding the right medium

Step 1: Take the chosen solution and make a list of possible mediums that may suite it. Look at the nature of each one of them.

Take the time and research on various mediums. What might be the most appropriate medium for your solution? Write down all mediums that you think would be appropriate. Afterwards, include the mediums you already know of and what you feel would be best.

Once having looked at these mediums, research more on their characteristic and nature. Are they based on technology? Do they emphasize the use of images or other media? Do they have a steep learning curve? What environments are they best suited for? What demographics use this medium most?

Thinking trap: Technology, is the only medium today.
It is not. Therefore make that list as expansive as possible.

Step 2: Look at the nature of your problem and possible solution

Go back and take a look at the nature of your problem and your solution. What are their characteristics? What factors do they involve? For example: is the problem leaning towards human error? Is the solution leaning towards, sharing information? Look at your problem and solution and ensure that you fully understand their nature, their characteristics, what they involve and their implications.

Thinking trap: you already know the results you would get from this step without carrying it out.
Perhaps, use this step as a means to validate what you believe will be the results. Is what you expected and what you have found the same? Yes? Great!No?Awesome, it has saved you time and money.

Step 3: Review the qualities & characteristics of your target market

Go back to all of the market research you have been doing. Look at the fundamental characteristics of your target market for example their habits, their qualities, their weaknesses and strengths. Make a list of this as well.

Step 4: Putting all of this information together

Let us use a table for this.

1. Draw a table with three columns.
2. Make the headings of the columns ‘Target Market’, ‘Problem’ and ‘Solution’ respectively.
3. Take the list of mediums that you wrote.
4. Look at one medium on the list, is it suitable for your ‘Target Market’? If so write it down in that column, if not don’t. Is it suitable for your ‘Problem’? Write it down in that column as well and if not don’t. Is it suitable for your ‘Solution’? If yes, write it down if not don’t.
5. Do this for all of the mediums on your list
6. When you are finished, look at your table.Take note of where there is overlap (the same medium in two or all of the columns) and where there is no overlap (a medium appearing only in one column). Write a list of the mediums that have appeared in all three columns.
7. Carry out some research so as to validate the effectiveness of the mediums that appear in all of the three column. Choose what you have found will be the most effective medium.
   If you have only one medium, validate it and if it passes validation choose it. If you did not have a medium appearing in all the three columns, go back to the drawing board and see if you can find one, if so validate it, if not high five your best friend and pivot .
   How do you validate its effectiveness?
   Carry out market research. Will your target market be able to use this medium? Are they already using it?
   How appropriate is this medium for your solution?
   What assumptions have you based your medium on? Which assumption has to be true for your medium to execute the solution based on your problem for your target market?

What now? How does all of this form a business idea?

Target Market + Problem + Solution + Medium = Business Idea

For example:
Campus students + Financially irresponsible + Educate them on good financial habits + Website
Business Idea: A website for campus students that educates them on good financial habits so as to help with their financial irresponsibility.

Why is this method useful?

1. When the medium dies or is not longer suitable (because the world is constantly changing and advancing) you can choose another one.
2. When the solution is no longer viable you may choose another solution.
3. When the problem is solved you may choose another problem faced by your target market

For example:
Campus students + (Financially irresponsible/Have few revenue streams/Lack mentorship/Need access to money for university/college fees)+ (Educate them on good financial habits/Provide them with tools that they can use to save money/ don’t fight the habit instead increase their income streams)+ (Website/Conferences & Forums/Mobile application/ Awareness festivals)

Your business, that you will base on a business idea, created from this method, shall be able to adapt with the times as we continue to grow and advance as a society.