Do entrepreneurs and startups really solve the world’s problems?
If they do, why did everything around entrepreneurship become so complicated?
The blue print for growing your entrepreneurial business to a success
Jeremy Liddle started his career as an entrepreneur with his brother, at the age of 19, opening three retail food and beverage stores in Australia followed by another five stores in Singapore. After 17 years of founding and growing businesses, he realized that entrepreneurs solve the world’s problems but a lack of access to capital inhibits most from changing the world.
Sometimes, I wonder if we see entrepreneurship like a magic machine to produce billionaires overnight. Moreover, I think too many entrepreneurs forget about solving the world’s problems, or, better put, solving people’s problems; instead ‘making an exit’ becomes their dream and motivation.
Although it’s a fascinating and important issue, I won’t discuss here how this shift happened. What began as helping people solving problems by enhancing the power of technology - became a fairytale about waking up the morning after launching your venture as rich as Rockefeller, Bill Gates, or Carlos Slim.
The big secret in the entrepreneurial business world is that the more you chase after money, the harder it becomes to get it. When you focus on helping people and your customers, your customers will come to you, and bring money with them.
Today, I want to give entrepreneurs the blueprints for locating the biggest chances to gain success by leading their venture based on the biggest market opportunity.
The secret to finding the best way to succeed with any venture aimed at solving an important problem is to stick with the problem.
The first step: Find your audience
All entrepreneurs start with developing a solution to a problem they recognize. The first step to business success is about finding those who need to solve the problem and will be the first to use it and spread the word about it.
This requires conducting a short online market overview, looking for the relevant words, discussions on social media, and bloggers who write about that issue, in order to define the early customers or those we call Innovators.
The second step: create a linkage between the problem and your product
Create a linkage between the problem and your solution and brand. The best and most effective way to start with is through creating relevant content posts, podcast, videos, and the like, and engaging with the target audience as well as with relevant influencers.
You can also use different kinds of collaboration with business partners; it can be through cross activities like sending emails with content, relevant information, or even an attractive offer.
The third step: build your brand as the market leader
The idea is to take ownership of your market category, aiming to become the leading brand in the space. It means position your product and brand as the best (and most known) solution to the problem.
In order to achieve this position, you should use the same content and social media tools to build yourself as a well recognized influencer in your field. Use PR activities and sponsorships to relevant activities in the space.
The forth step: Keep your focus on your customers
Engage with your customers, listen to them and learn their pain points and changing needs.
There are many ways to establish an open dialog with your customers around the problem you solve. It can be social media groups. Open private groups, invite your customers to share content, write posts, or take active part in various activities.
The fifth step: Enhance your product range
By sticking to the main problem and creating trust and open dialog with your customers, you learn their pains and needs. By doing that, you can better serve your customers, increase trust and loyalty, and attract new audience.
And Jeremy Liddle?
Aiming to help entrepreneurs raise investment in order to solve the problems of the world, Jeremy cofounded CapitalPitch.
CapitalPitch is a Digital Investment Firm that accelerates founders for impact on the world by helping Pre-Series A tech companies and sophisticated, professional, and institutional investors; providing a capital raising platform, Venture Capital investment funds, and advisory services from Seed to IPO or acquisition.