The Embedded Entrepreneur - Problem Discovery (2)

The Embedded Entrepreneur - Problem Discovery (2)

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Founders assume customers immediately buy their products if the value is more than the price. That's an assumption that ignores the reality of people's lives.

Purchasing agency

Depending on your job you might have a different agency over your purchases.  For example, a software developer might rely on their boss to purchase the software they need, so the price page of those products is usually tailored to the enterprise-level buyers.

If your target audiences are freelancers (even if they don't know it yet) your product has to be sellable to each individual. Your product will be competing with other business expenses. If possible move to markets where budgets for such solutions already exist.

That's why looking for people asking for alternatives beats people who are just looking for complaints, they need less education why they need to pay for such a solution.

Validating vs. invalidating

Entrepreneurship is inherently risky, you can't validate if your idea works, but you can find out if it doesn't by looking into other founders who have attempted to achieve the same but have failed.
Try to invalidate, rather than validate.

The Mom Test says if you ask your parents about the validity of your ideas, they tend to be supportive and encouraging and don't give you their honest opinion. The same is true for a stranger that likes your idea.

The solution is to ask qualitative questions, instead of quantitative "yes/no" questions.

Did you encounter any problems using this product? vs. What problems did you encounter when you were trying to do X?

Building an audience in a self-sustaining loop

Just like a stand-up comedian, you would need to test your idea in front of an audience. You will need to iterate and change them.

You start by building attention around you and start building a solution to their problems as a result get more people to follow you and use their insight to make the product better.

It creates a self-sustaining loop, which we will talk about in the audience-building chapter.

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