From Good To Great: Uncover Your Startup’s True Market Impact
TLDR; Download the Problem Impact Analysis Workbook here.
Dear Reader,
The problem statement is the easy part. Assessing its impact – that’s the founders’ reckoning. Is this a solution-seeking problem, and does it have the potential to truly move the market? (𝕏 Tweet This)
Wherever you are in your journey, do it — the journey always begins from where you stand. You have to revisit your impact regularly, not just to account for market adjustments, but equally to ensure you have not wandered from your north star.
It’s a 360-exploration that overlays the problem – not your solution – with the market. Brutal critical thinking to understand how solving the problem impacts both the micro and macro market.
LAST WEEK:
Validate The Problem aka Why Does My StartUp Exist: Rigorously define, defend and validate the core problem your startup aims to solve.
STARTUP FRAMEWORK DOWNLOADS:
- 1.2 Why Does My StartUp Exist: Problem Validation
- 1.3 Does The Market Care: Problem Impact Analysis
- 1.4 Investor Update Template: You Are The First Investor
- 1.5 The StartUp Value Chain: Where Do You Fit In?
- 1.6 StartUp Founder Tribe: Cultivating Your Circle
- 1.7 Solution First Glance: Reality Check
- 1.8 The Minimum Delightful Product: Creating Delight
- 1.9 The 5 Pillars: Empathetic Thinking
- 2.1 Market Sizing: Is The Market Big Enough?
- 2.2 Breaking Into Your Market: Barriers To Entry
- 2.3 Your Atomic ICP: Looking For Nemo
- 2.4 Leadership Principles: Your Modus Operandi
- 2.5 Activating Your ICP 5:5:5: Colliding With Reality
- 2.6 Red Ocean vs Blue Ocean: Create or Steal
- 2.7 Ecosystem Mapping: Partners
Does The Market Care?
Mostly ignored, because it’s challenging, the Problem Impact Analysis is understanding how your problem statement resonates within the market and the broader ecosystem. What are the true implications of the problem – is it a minor inconvenience, or does solving it have the potential to move a market? Are you building a small-scale venture, or laying the groundwork for a future unicorn?
Module Two: Impact Analysis
Download Problem Impact Analysis Workbook – (𝕏)
Why Is This So Important?
Understanding Problem Impact: More than recognizing the problem, delve into its impact on customers, the market, and the ecosystem.
The Importance: This analysis is key to identifying real market needs and helps in distinguishing high-impact problems that consumers are actively looking to solve, avoiding low-priority issues.
How to Approach: Think expansively about the problem’s impact, be open to adapt your insights, and memorialize your position. Start with what you know and expand from there.
The Challenge Ahead
Beast of Market Analysis: Consider all angles – how does this problem impact various stakeholders? How does it align with or disrupt current market trends?
Beyond the Problem Statement: This stage is about realizing the potential of the problem to drive change and innovation.
Embrace the Unknown: Engage with the module as a process to build and flex your critical thinking muscle.
STUCK: You don’t need all the answers right now. Do what you can, the rest will play out over time.
As you journey through Module 2, try to see your startup’s problem through a multifaceted lens. This isn’t about finding solutions; it’s about understanding the underlying market you aim to conquer. It’s about asking questions you might never have considered. It’s a precursor to what you are building, for whom and why.
This is a monster, good luck, let me know how it goes. As always, you are welcome to grab time with me.
— James
