The Fallacy of Idea-Based Entrepreneurship
I like to think about building businesses and products as "the pursuit of good -> better -> while striving for the best".
The typical entrepreneurship education often starts with lessons on finding the right idea to work on. It is based on the intention to bring “practicality” to education. But instead of helping, this leads students to believe that they need to be creative and imaginative to come up with good ideas and to have a prospering business. Nothing could be further from the truth.
The common misconception that success hinges solely upon finding a groundbreaking idea is a direct outcome of these teachings. I'm trying to say that the true source of entrepreneurial success lies in the ability to identify problems and provide efficient, innovative solutions. It means creativity, yes, but in a totally different place.
Rethinking the Ideation Process
Traditionally, entrepreneurship courses emphasize the search for unique and imaginative ideas, leaving students with the misguided notion that creativity is the sole driver of success. In reality, this perspective is fundamentally flawed. The key lies in understanding that it is not the idea itself, but rather the problem it seeks to solve that determines a business venture's feasibility and potential impact.
Thus, I believe it would be immensely beneficial if all educational systems would reframe the ideation process as problem-finding, encouraging students to identify areas of friction and inefficiency in everyday activities.
The power of shifting the focus from generating ideas to identifying problems holds, in my eyes, immense promise. If we train people in problem identification skills, and in recognising unmet needs and pain points, we will naturally foster a mindset that prioritises empathy and understanding as future entrepreneurs will strive to comprehend the challenges faced by their target customers. From my experience, problem identification serves as a better foundation for successful business and impactful solutions.
All companies I started myself were built because I saw someone having a problem, and I felt like I could provide a solution.
Seeking Optimal Solutions
The identified problem is only the beginning. The next step is to look for possible optimal solutions. This process involves testing and evaluating potential remedies, with the goal of providing customers with a better, faster, and less cumbersome way of accomplishing their desired tasks.
Sure, it's never that simple. You also need to validate the size of the pain-point you are solving, but because your business journey is (or should be) always a quest for excellence, the big problems (aka pains) will naturally reveal themselves.
I like to think about building businesses and products as "the pursuit of good -> better -> while striving for the best". This mindset naturally leads to a commitment to continuous improvement and innovation, while it also allows you to start small.
Let's encourage problem-solution path
The “problem-solution” paradigm shift equips aspiring entrepreneurs with the ability to recognize problems and envision innovative solutions, empowering them to create ventures that address genuine market needs.
Education is not all useless; it can foster a culture of critical thinking and problem-solving, it just needs to focus on the right things and ideally encourage the problem-centric approach.
In case you are the one who was told to look for ideas and brainstorm - maybe join me in building businesses that focus on solving real problems with real customers!