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Asking this question is a terrible place to start.

I don’t know of many great ideas where the first question the creator asked was, “How can I make money from this idea?”

You have to care about the idea and understand the problem you are setting out to solve first.

Not in a naive, if I build it they will definitely come sense. But from a place of knowing that there is inherent value in what you plan to execute, for the audience that you want to serve.

When entrepreneurs ask me which industry has money, I often respond by saying industries that solve the biggest problems have money.

The bigger the problem, the more relevant the solution.

It starts with what problem are you solving?

What are people complaining about? What are their pain-points?

It starts with people first, their pains, frustrations, discomfort, and struggles.

If you start from the making money perspective you limit your ideas to what is possible.

There is nothing wrong with caring about the money. Just care more about the people, and your idea.

As Einstein has said: “It’s not that I’m so smart, it’s just that I stay with problems longer.”

Stay with the problem longer.

The longer you stay with the problem, the more chance you will get better solutions or greater things out of it.

Solving problems is the ultimate goal of doing business.

At LORA, we focus on solving problems as a way of building your business. The first question we ask our entrepreneurs is: What problem are you solving?

Registration for the next LORA co-hort is open, closing date is this Friday, 27 June 2019. To apply online, please complete this online application form.

 

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