In a previous business training blog I explained why you need a business plan and how to structure one. Look let us be frank, nobody needs a 30 page highly technical document as a business plan because nobody will have the time to read it. In this blog it is all about business training. The kind of business plan you should work on is more like a strategy document on the essential things about your business idea. When we look at what is most essential, the problem your solution will solve is the most important. Why? Because the problem is the foundation of the reason why you venture into business in the first place. The problem makes up your deeper “why”. And your deeper “WHY” is the driver of your business. If you can articulate this and translate it into a very simple communication tool, you have literally set up your business to succeed!
How to find the deeper why for your business.
Before we dive into how to establish your “why”, let me share some benefits of this approach. If you really want to succeed in your business, please go and read the book “Start with why” by Simon Sinek. I bought the audio version so that Ican listen on the go. It is only about 9 dollars (say 4000naira) but it will absolutely change your perspective. He explains extensively why your focus for communication should be on the reason behind your business as rather on the actual product and/or service of your craft.
As our 21 century market becomes even more crowded with cheap products, only those that can build a true and authentic brand are set to succeed. After reading the book, I felt like a veil fell off my mind’s eye. I actually embraced my deep motivation to launch Joadre. My business inspiration comes from the place of me seeing how millions of africans uffer everyday, some falling victims to exploitation and human trafficking in Europe, just because of financial poverty. When still, they come from a continent with abundance.
I want to help African Entrepreneurs build sustainable income dreams so that they can live the life they desire. If we had enough business training resources available, many people would be able to start their business. That is my “Why”. Knowing this, I craft the solutions (product and service) around helping entrepreneurs achieve this. If you can identify exactöy what the issue is you want to solve with your business idea, you will be able to develop an even more superior product or service. Because the product and/or service you will develop will be crafted to serve that purpose. So if you want to understand deeply how to craft this why, I highly recommend you read Simons Sinek’s book – Start with Why. Here is the link to get your original copy or audio version.
Develop your why from the problem statement -A business training must do!
As a starter, you can craft out your why from the actual problem statement. The problem statement is a part of your business plan. It is a simple write up about the issue your product or solution will solve. Here are simple theoretical steps you will need to follow to establish this very important information about your business idea;
- Describe the problem
- Explore the current solution to the problem
- Filter and define the problem in a simple format
- Create a problem statement
- Solidify, research facts
Let’s explore these steps in short details and of course to be able to find out these information that you will need, you have to research.
Describe the problem in words.
Write it down black and white on a sheet of paper or on your computer. Describing your problem means you should go at length to explain what the problem is, how it affects who and who it affects.
Explore the current solution to the problem
Think further and consider how this particular problem is being solved right now today, in your environment. Maybe the existing solutions to this particular problem are very expensive, or perhaps they are cumbersome, not efficient, not reliable, not consistent in taste for example if it is a food business.
Filter and define the problem in a simple format
What is the primary pain point? Write it down. If you need more than 2 sentences to define your problem it will be very hard to sell the solution which is the product you will create. Always think like you are explaining it to a friend. If you can not pinpoint a problem that your potential customers have, then you might not have a viable business concept.
Solidify, research facts
Briefly mention facts that confirm the problem. Depending on the problem, you can find facts from different sources. Form internal or external reports, staffing reports, statistics, customer demographics, national trends and information on company resources if they contribute to the problem, news report. Avoid bogging down the statement with too many facts and figures. Include only key statistics that illustrate the severity of the problem. If you are unsure which facts to include, choose at most two facts that best support your argument.
Create a problem statement:
Summarise the problem in not more than a good paragraph or two if it is detailed. The first section of the problem statement begins with a summary of the problem. Your summary should be concise. Avoid jargon and industry buzzwords. Clearly state the problem without extraneous details. Simplicity – Proof read to make sure your sentences and descriptions are as simple as possible. Follow Richards brads envelope rule which says that your problem statement should be able to fit the back of an envelope. I will share more tips and practical strategies on my YouTube channel about this topic as we progress with the 6 Key program. And by the way, my 6 KEY business training program is now published weekly on my YouTube channel but you can enrol for free for the full course here.
Here are some examples of situations which calls for solutions oriented approaches:
- Working parents need so much time to get grocery due to their schedule, trafficking jam etc,
- 10 kids living on the same street all go to the same school and they all have to drive there, it might be a problem for most parents who have to be at work very early.
- Female bags out there but none actually transport tradition, funkiness, urbanism and culture.
- A problem could be desire based, prestige based. Examples of desire based problems would be kids loving ice cream on hot days but there aren’t enough healthy ice cream options available in school cafeterias. So your why is driven from the fact that you want kids primarily to stay healthy while enjoying their ice cream. What are the issues you intend to find a solution for?