Define The Problem

Today I decided that I would observe a Pitch Practice for startup companies. This is the perfect opportunity for those who want to perfect their pitch, get critiqued on their speaking skills as well as their business model. The goal for today's presenters was in a specified amount of time (30 sec.-8 mins), your audience should be able to remember your name, your Company name, your problem, your solution and what you are asking for. Our first presenter had an amazing idea for those in the labor contracting field to be able to get an interface to help them with their back office doings as well as help consumers find them to contract them out for their services.

The director of the group begins to ask about the business owner's name, the company name and then the problem. It's an open audience discussion, so when it get's to the problem, I say what I presumed to be the problem. The director pointed out to me that I had not stated the problem, but I merely stated what they did, or their solution. This moment in time led me to write up today's blog.

With our businesses, are we merely always stating what we do? Or are we showing how we solve a problem. For those wanting to start a business, just imagine how much a difference would make in your approaches to potential investors and consumers if you presented yourself as a problem solver. That is what would differentiate you from your competition. That will end up being your niche, and that is how you would better be able to find your target market.

I'll use the example of a shoe/fashion designer. The fashion designer may go around saying that they are a fashion designer. While that is a perfect sum up of what you do. Now if that same designer said, "I am a fashion designer, I design a high heel shoe that provides comfort and support," now this designer stands out. They have a niche. Find a way to define the problem and come up with your solution. People pay for problem solvers.

 (photo from Genius.com)