Being an entrepreneur is exciting. And one question you hear often is – “What is the consumer problem that you are trying to solve?”
We try to reserve our weekend lunches for some awesome conversations over products, companies and where the world is heading in connected world. Last Saturday, Anupam Mittal (Founder & CEO of People Group, Entrepreneur behind Shaadi.com), my co-founder and myself discussed this over lunch – “Did Google or Facebook solved any consumer problem?”
Our interaction inspired me to write this post -
Solving a problem and creating a market are two different ways to look at any company or any product idea. Products or Companies that solve a problem are the Million dollar companies, while products or individuals who look at the industry from a radically different approach – are the most disruptive, innovative and create Billion dollar opportunities as they grow.
My conclusions were -
- The biggest innovations never solved any consumer problem
- The founders or entrepreneurs had a different approach to the industry
- In almost all cases, the entrepreneurs did not belong to the industry, had little or no experience in that industry.
Further thoughts are embedded in this SlideShare presentation -
Have a different approach. Think different!