How do you come up with a good business idea? The simple answer is to find a solution to a problem.
This, I believe, is the most basic foundation of all successful businesses: People buy a product because it solves a problem they have.
Always remember that the next time you’re brainstorming for a business idea.
Moreover and interestingly, Kevin Systrom, one of the co-founders of Instagram, says that coming up with a solution to a problem is the easy part; and finding the right problem to solve is the harder task.
So how do you know if your business idea can provide the value that people will be willing to pay for?
Watch this three and a half minute video clip and learn how Kevin and the rest of the Instagram team, found success in a mobile app that delights millions of people today.
Instagram was launched in October 2010. Seven months after on May 2011, the same time when this talk happened, the app was already a worldwide success.
A year after, in April 2012, Facebook buys Instagram for $1 billion.
That’s zero to a billion dollars in just two years – a testament that nothing is impossible today.
Now, it’s your turn to find a billion-dollar problem to solve.
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