Give Them What They Need

Guy Raz Newsletter – July 11, 2024

Anyone who starts a business must answer a simple question: what problem am I solving and do other people have the same problem?

It doesn’t mean your idea has to be completely original. (In fact, some argue NOTHING is original) It just means that–to build a sustainable business–you have to offer a product or a service that solves enough problems for enough people. 

For example, I live down the street from an acupuncturist/holistic doctor. She has a steady stream of business. There are enough people in the neighborhood who need a good acupuncturist to help relieve stress and tension. Problem solved. 

This is (an admittedly simplistic) example of product-market fit. 

The product (acupuncture/holistic medicine) not only addresses a real problem but does so in a way that resonates deeply with the target audience–the community. When you have product-market fit, your customers become your best advocates, your growth accelerates, and your retention rates soar.

Anyone who’s taken a basic business …