Problem Statement Handout PDF

WADHWANI WWAADDHHWWAANNIFOUNDATION FFOOUUNNDDAATTIOONN||CREATING |CCRREEAATTINNGGJ JOBS JOOBBSSC...

WADHWANI WWAADDHHWWAANNIFOUNDATION FFOOUUNNDDAATTIOONN||CREATING |CCRREEAATTINNGGJ JOBS JOOBBSSC CHANGING CHHAANNGGINNGGLIVES LLIIVVEESS 1 CREATING JOBS CHANGING LIVES Next-Generation FelowshipProgram Problem Identification & Opportunity Discovery https://www.wfglobal.org WADHWANI FOUNDATION |CREATING JO BSCHANGING LIVES WADHWANI WWAADDHHWWAANNIFOUNDATION FFOOUUNNDDAATTIOONN||CREATING |CCRREEAATTINNGGJ JOBS JOOBBSSC CHANGING CHHAANNGGINNGGLIVES LLIIVVEESS 1 Program introduction & Welcoming Message Welcome to Next Generation Throughout this week we will help you Entrepreneurship Fellowship - learn more about the program details and ignite. get you introduced to some basic we are very excited to have you here concepts to get you ready for building a with us and we promise you that you successful company. will have a life changing experience in the upcoming 14 weeks. So please pay attention to all details that will be shared with you throughout our weeks and connect with our team if you have any questions at any point, throughout the fellowship. WADHWANI FOUNDATION |CREATING JOBS CHANGING LIVES 4  CONCEPTS A current analysis of the venture Identify the Problem Statement Calibrate the Problem Statement on the Great Problem Litmus Test Sharpen your Problem Pitch By the end of the week, you will be able to: Analyze different aspects of your business. Have visibility of different aspects within your business. Sharpen your Problem Pitch. Steps: 1. Identify the Problem Statement 2. The Great Problem Litmus Test 3. Sharpen Your Problem Pitch WADHWANI FOUNDATION |CREATING JOBS CHANGING LIVES 5 TheProblem Statement Problem ProblemLitmus Sharpenyour Statement– Test Pitch Revisit If I were given one hour to save the planet,I would spend59 minutesdefiningthe problem and one minute resolvingit. – Albert Einstein A common qualitythat many entrepreneursare missing,especiallyyoungerones, is working for long term success. In a fast paced world, short term successes are over highlighted and over celebrated.Thismakes many peoplebelievethat many of the successesout there just happens overnight. If you want to be a successfulentrepreneur,rememberthat it takes years and a lot of effort to get to where big companiesare today. Entrepreneurs tend to be solutions-driven people and will focus all of their energy on the product they are building. Being able to deeply understand the problem you are solving is critical. It’s going to affect everything about your business: How to understand which customers to talk to How you pitch your startup Build trust with customers Gain insights your competitors might not have How you differentiate yourself How you execute strategically based on intensity of need How your product fits into the life and activity of your customer How you think about the elements of your product, how it is introduced, activated and whatelements of your products are really important Why your customer would or would not use the product (now) How To Frame A Problem To Find The Right Solution Forbes How Entrepreneurs Can Find the Right Problem to Solve Harvard Business Review How to Identify Problems Worth Solving LinkedIn WADHWANI FOUNDATION |CREATING JOBS CHANGING LIVES 6 Analyse your current problemstatement Problem Statement– Revisit ProblemLitmus Test Sharpenyour Pitch The Great Problem Litmus Test: 1. Market Size: Is this problem something that a lot of peopleface? 2. Pain Intensity: How painfulis thisproblem for those people?Does thisproblem need to be solved? Are people so desperateto find a solutionto thisproblem that they willuse a buggy version? 3. Existing Alternatives Is this problem being solvedin other ways which are adequate? Can thisproblembe solvedin other ways? 3. Customer Psychologyand Habit Change Will people change theirhabits and adopt my solution? 4. Willingnessto Pay Will people pay to have this problem solved? Will they pay ME to solve this problem for them? 5. Lovability Will this solutionbecome something they cannot live without? 6. Evangelisim Will they go out and tell all of their friends about my solution? AirBnb, the popular and fast-growing bed and breakfast startup chain, defined its problem statement through three issues faced by their customers – the price of hotels, the disconnection in existing hotels, and the lack of methods to connect with locals, or somehow become a host for a traveler. WADHWANI FOUNDATION |CREATING JOBS CHANGING LIVES 7 Problem Statement Problem Statement– Revisit ProblemLitmus Test Sharpenyour Pitch You have learnt different steps of whyit is importantto start withtheproblem, how to definea problemworthsolving,how to analyzesuch aproblemto makesureyou are really targeting the rootcause of theproblemand not just theapparent deceiving reasons. You have made surethat nooneelse is solvingthisproblem,there aren’tsimilar solutionsto what you propose or there are not good enoughsolutions and you believeyou can create better solutions. Itis timetoget all of this info collected at one place usingtheproblemstatement canvas This will help you get aclear overview regardingthedifferent aspects of the problem youare targetingand it will helpyoube moreconfident that you identified aproblemworth solving, a problem that aligns with your personal and professional goals and that no one else has dominated solvingit. You shoulddothis untilyoufind theright problem.Donotchoose thefirst problem you stumbleupon, especiallyif thedata is showingyou it is not good enough. Dig deeperuntil youfind theroot cause of aproblemand youwill be ableto capture agreat marketgap! CONTEXT PROBLEM ALTERNATIVES When does the What is the root cause What do customers do now to problem occur? of theproblem? fix the problem? CUSTOMERS EMOTIONAL IMPACT ALTERNATIVE SHORTCOMINGS Whohas the problem most How does the customer feel? What are the disadvantages of often? the alternatives? QUANTIFIABLE IMPACT What is the measurable impact (include units)? Problem Statement Canvas Credit: metabeta.com WADHWANI FOUNDATION |CREATING JOBS CHANGING LIVES 8  Cal toAction! Problem Statement– Revisit ProblemLitmus Test Sharpenyour Pitch You have gone through thedifferent steps of the Problem Statement Canvas - identifyinga problem,acquiringtheknowledge and learning the different tools that are neededto identify a problemthat you find interestingto start workingon and tackle. Nowyouhave avalidatedproblem– one that youare surehas somepotential. Always remember that documentingyouroutcomefrom those 2 weekswill help youkeep track of the problem and you can always come back and check your outcome. It is now time to define the problem statement in a clear and succinct manner: Steps of Problem Definition:  Put the problem in the context  Explain the relevance and criticality of the problem  Substantiate your claims (market data, customer interviews)  Propose a solution  Explain the incremental benefits of your proposed solution(s) You can always use the samemodelin the future and applyit on any problem you are workingon to ensure proper analysisof theproblem WADHWANI FOUNDATION |CREATING JOBS CHANGING LIVES 9  [email protected] WWAADDHHWWAANNIFFOOUUNNDDAATTIOONN||CCRREEAATTINNGGJJOOBBSSCCHHAANNGGINNGG LLIIVVEESS