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August 25, 2022

Starting Up: Finding a Problem

Starting Up: Finding a Problem

Today we’re continuing to talk about how to start a startup, looking more at how you find a problem to work on.

1. First, we select some problems we are interested in researching. We don’t need a detailed vision initially, but some rough ideas of a focus area should be written down. Don’t be afraid to spend a few hours brainstorming.

2. Next, we need to assess if our team is capable of solving these problems. If you’re building customer support software, most coders might be able to build a basic demo, but if we’re talking about biotech or space rockets, for example, then that will likely require specific skill sets on your team.

3. Lastly, we think about who might need our product and try to come up with at least 3 initial “customer profiles”. Who appears to have this problem? How many of them are there? What is our revenue potential if we sell to them? Ask those questions for each customer profile you initially create.

With your rough thesis in place and numerous avenues to explore — we are now ready to begin our customer research.

Best of luck out there.

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Ash Rust

Ash Rust

Managing Partner, Sterling Road

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