Starting a Business: Lesson 1

What Problem am I Solving and Who am I Solving it For?

Mark Bays discusses how to find which problem your product solves, along with your target market. 

Topics:

Video Lesson Topics

- How Can Your Product be a Problem Solution?

When starting a business, you should ask yourself, “How can my service or product be a solution to my customers problem?” Identifying problems that are occurring around you, and having your business provide the solution is the foundation of entrepreneurship.   

- Things to Consider

Looking at your solution, there are several things you should consider:

  • How much will it cost you to provide this solution? This refers to equipment costs, certifications, liability insurance, and other startup costs. 
  • Who will be your customers? Ask yourself if these customers are available in your area, how you are going to reach them, and what they are willing to pay. 
  • Who are your competitors? You need to identify who your competition is and how your customers feel about their products or services. Their prices, marketing, and reviews should be considered during this process.  
  • How will you fund this idea? Will this be done through self-funding, loans, investors, or another funding source?
  • How will you define success? Once you have figured out the solution to your customers problem, schedule a meeting to begin working with your TSBDC counselor. 

Topics & Lessons

Each Below Topic Contains a Video Lesson and Helpful Downloadable Information

2:25

What Problem am I Solving and Who am I Solving it For?

2:03

The Planning Process and Planning Tools

7:13

Setting Goals

13:30

Legal Structure

9:38

What It Takes to Be Successful

10:18

Funding Options for Starting Your Business

4:05

The Realities of Grant Funding

21:51

Partnership and Operating Agreements

6:20

B Corp Certification

6:01

Is Starting a Business Right for You?

2:14

Analyzing Your Personal Finances Before Starting A Business

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Want to learn more about how
this topic relates to your business?

Schedule a meeting with one of our consultants! All counseling sessions offered by the TSBDC are no-cost and provided by our staff of professional business consultants.