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Even “convenience” can be presented very differently if it isn’t given enough character.Ĭompare these two versions of the same problem:
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You need to focus on the detail of the pain in your problem. You don’t have to be addressing a life-threatening problem to make it powerful. The more painful the problem, the more powerful the solution. The value of a problem is proportionate to how painful that problem is. We can certainly cite those as well, but we want to tighten our focus initially so that we can talk about this problem first, build a story around it, and then dig into related problems to solve later. This doesn’t mean we will ignore the other problems. We then realize that “convenience” will be our lead problem. Therefore, Netflix needs to be cheaper, but more importantly it must be more convenient. If Netflix was far cheaper than its rivals, but less convenient, you could argue that it would fail.
#How to make the best business plan movie#
In the example of Netflix, we know that movie delivery solves lots of problems – convenience, movie selection, and cost effectiveness – among others. You don’t win on the number of problems you solve you win on how well you solve a particular problem. If your biggest problem isn’t compelling, it stands to reason that the second biggest problem you tackle isn’t going to save you.
#How to make the best business plan tv#
Can you remember the last time you spent an hour watching a TV show and remembered every line of dialogue? You need to focus on the highlights and save the details for pointed questions later. Investors don’t have time to remember every detail of your pitch. There are two important reasons for this. I need to focus on one single problem that a startup solves that I believe strongly in. Investor Insight: “I have to see hundreds of pitches this month and I can barely remember one from the other. Right now, however, it’s time to lead with just one of them – the biggest problem you solve. There’s a good chance that your product solves multiple problems, and that’s wonderful. Building a better story takes more effort, but the payoff is real because you can draw your audience into your world and get them excited about your journey. It tells more of a story, and provides an emotional connection to the solution. A good problem statement focuses entirely on the problem so that the audience can build a powerful case for that problem.Ī great problem statement has a lot more character to it. Notice that it doesn’t include any reference to the solution. That’s a pretty simple problem statement, and it’s accurate. People don’t like traveling back and forth just to rent a movie and they hate paying late fees even more.” Netflix sought to avoid video stores altogether and instead deliver movies in an envelope to your mailbox, allowing you to keep the movie as long as you’d like.Īt the time, the Netflix problem statement would probably look like this: Let’s use the example of Netflix, who initially solved the problem people had while having to travel to the video store to rent a movie. Building a great case for your problem isn’t just about stating the problem, it’s about building an engaging story around that problem that people can empathize with personally. It’s what intrigues people about the rest of your business and ultimately becomes the focal point for everything you build.
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In many ways, the problem statement is the heart of your concept. A well-articulated problem makes the value of your solution and your entire plan 10x more effective. Founders get so excited about their solution that they forget to explain why the problem is so important. The more accurately you articulate the problem, the more valuable the solution will be.Ī common founder faux pas is overlooking the importance of giving the problem more weight than the solution. Your business plan needs a problem statement, because every great company starts by solving an important problem.