Does Your StartUp Have The Right To Exist?

January 07, 2024 3 mins read
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TLDR; Download the ‘Earn The Right’ Problem Validation Workbook here.

Dear Reader,

Most Startups fail because they never truly understand their problem. Problem validation is about making as few assumptions as humanly possible. (𝕏 Tweet This)

The first and last time most founders think about their problem statement is when writing the pitch deck, yet it’s the entire thesis that continually validates your startup’s right to exist.

It’s the foundation of your go-to-market strategy and the cornerstone of understanding the value chain you operate within.

LAST WEEK:

​Founders First Steps: If you want to change the world, start by making your bed. If you can’t do the simple things, you’ll never do the hard things.

STARTUP FRAMEWORK DOWNLOADS:

LETS GET INTO IT:

The ‘Earn The Right’ playbook is a proven set of frameworks that guide you through every stage of the StartUp lifecycle, designed to mitigate the risk of failure. Systematic and sequential.

SU001.2 Why Does My Startup Exist Problem Validation by James Sinclair

Think you have Product Market Fit, secured funding, or acquired customers, so this doesn’t apply? Think again. Problem validation is a dynamic, ongoing process.

Earn The Right Framework – Module One: The Right To Exist

​Access Problem Validation Workbook – (𝕏​)

WHAT: Understanding the Problem Statement

The problem you’re tackling exists in the market, independent of you or your solution. We’re working out whether this problem is even worthy of a solution. It’s not about whether you have a good solution or whether you’re the right person to solve it.

WHY: Its Importance

  • Saves you chasing ghosts: Stops you building a solution to a problem that nobody cares about. This framework prevents wasted effort and ensures you’re solving the right problem.
  • Unlocks hidden markets: Problem exploration reveals problems you might not have considered, bigger frictions, and untapped markets.
  • Strengthens your investor pitch: A real problem statement with data to back it up demonstrates your true understanding of the market.

HOW: Completing The Workbook

  • It can be just for you; you might be the only person who sees it. Lonely, but okay.
  • Avoid “I,” “We,” or “Our Solution.” This stage has NOTHING to do with you or your company.
  • Use this as a tool to confront unknowns and identify areas for deeper investigation or validation.

STUCK? If your statement feels weak, broaden your scope. Significant points of friction often lie just beyond the obvious.

Many founders are reluctant to do the necessary early work to validate their startup, preferring gut feelings over analysis. Be different; see the impact.

The power is in your adaptability and drive to relentlessly pursue the RIGHT problem to solve. Need help? You are always welcome to grab time with me.

β€” James

(LinkedIn | Twitter | Tiktok)​

Founders First Steps: From Making Your Bed to Changing the World! From Good To Great: Uncover Your Startup’s True Market Impact
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