WADHWANI

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CREATING JOBS CHANGING LIVES

Next-Generation FelowshipProgram

Problem Identification &

Opportunity Discovery

https://www.wfglobal.org

WADHWANI FOUNDATION |CREATING JO BSCHANGING LIVES

WADHWANI
WWAADDHHWWAANNIFOUNDATION
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JOBS
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LLIIVVEESS 1
Program introduction &
Welcoming Message
Welcome to Next Generation
Entrepreneurship Fellowship -
ignite.
we are very excited to have you here
with us and we promise you that you
will have a life changing experience
in the upcoming 14 weeks.
WADHWANI FOUNDATION |CREATING JOBS CHANGING LIVES
Throughout this week we will help you
learn more about the program details and
get you introduced to some basic
concepts to get you ready for building a
successful company.
So please pay attention to all details that
will be shared with you throughout our
weeks and connect with our team if you
have any questions at any point,
throughout the fellowship.
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 CONCEPTS
● A current analysis of the venture
● Identify the Problem Statement
● Calibrate the Problem Statement on the
Great Problem Litmus Test
● Sharpen your Problem Pitch

By the end of the week, you will be able to:

● Analyze different aspects of your business.

● Have visibility of different aspects within your
business.
● Sharpen your Problem Pitch.

Steps:

1. Identify the Problem Statement

2. The Great Problem Litmus Test
3. Sharpen Your Problem Pitch

WADHWANI FOUNDATION |CREATING JOBS CHANGING LIVES

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TheProblem
Statement Problem
ProblemLitmus Sharpenyour
Statement– Test Pitch
Revisit

If I were given one hour to save the planet,I would spend59 minutesdefiningthe
problem and one minute resolvingit.

– Albert Einstein

A common qualitythat many entrepreneursare missing,especiallyyoungerones, is

working for long term success.

In a fast paced world, short term successes are over highlighted and over
celebrated.Thismakes many peoplebelievethat many of the successesout there
just happens overnight.

If you want to be a successfulentrepreneur,rememberthat it takes years and a lot

of effort to get to where big companiesare today.

Entrepreneurs tend to be solutions-driven people and will focus all of their

energy on the product they are building. Being able to deeply understand the
problem you are solving is critical. It’s going to affect everything about your
business:
• How to understand which customers to talk to
• How you pitch your startup
• Build trust with customers
• Gain insights your competitors might not have
• How you differentiate yourself
• How you execute strategically based on intensity of need
• How your product fits into the life and activity of your customer
• How you think about the elements of your product, how it is introduced,
activated and whatelements of your products are really important
• Why your customer would or would not use the product (now)

How To Frame A Problem To Find The Right Solution

Forbes
How Entrepreneurs Can Find the Right Problem to Solve
Harvard Business Review

How to Identify Problems Worth Solving

LinkedIn
WADHWANI FOUNDATION |CREATING JOBS CHANGING LIVES
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Analyse your current
problemstatement Problem
Statement–
Revisit
ProblemLitmus
Test
Sharpenyour
Pitch

The Great Problem Litmus Test:

1. Market Size:
Is this problem something that a lot of peopleface?
2. Pain Intensity:
How painfulis thisproblem for those people?Does thisproblem need to be solved?
Are people so desperateto find a solutionto thisproblem that they willuse a buggy version?
3. Existing Alternatives
Is this problem being solvedin other ways which are adequate?
Can thisproblembe solvedin other ways?

3. Customer Psychologyand Habit Change

Will people change theirhabits and adopt my solution?
4. Willingnessto Pay
Will people pay to have this problem solved?
Will they pay ME to solve this problem for them?
5. Lovability
Will this solutionbecome something they cannot live without?
6. Evangelisim
Will they go out and tell all of their friends about my solution?

AirBnb, the popular and fast-growing bed and breakfast startup

chain, defined its problem statement through three issues faced by
their customers – the price of hotels, the disconnection in existing
hotels, and the lack of methods to connect with locals, or somehow
become a host for a traveler.

WADHWANI FOUNDATION |CREATING JOBS CHANGING LIVES

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Problem
Statement Problem
Statement–
Revisit
ProblemLitmus
Test
Sharpenyour
Pitch

● You have learnt different steps of whyit is importantto start withtheproblem, how
to definea problemworthsolving,how to analyzesuch aproblemto makesureyou
are really targeting the rootcause of theproblemand not just theapparent deceiving
reasons. You have made surethat nooneelse is solvingthisproblem,there aren’tsimilar
solutionsto what you propose or there are not good enoughsolutions and you believeyou
can create better solutions.

● Itis timetoget all of this info collected at one place usingtheproblemstatement

canvas

●This will help you get aclear overview regardingthedifferent aspects of the problem
youare targetingand it will helpyoube moreconfident that you identified aproblemworth
solving, a problem that aligns with your personal and professional goals and that no one
else has dominated solvingit.

●You shoulddothis untilyoufind theright problem.Donotchoose thefirst problem

you stumbleupon, especiallyif thedata is showingyou it is not good enough. Dig
deeperuntil youfind theroot cause of aproblemand youwill be ableto capture agreat
marketgap!

CONTEXT PROBLEM ALTERNATIVES

When does the What is the root cause What do customers do now to
problem occur? of theproblem? fix the problem?

CUSTOMERS EMOTIONAL IMPACT ALTERNATIVE SHORTCOMINGS

Whohas the problem most How does the customer feel? What are the disadvantages of
often? the alternatives?

QUANTIFIABLE IMPACT
What is the measurable impact
(include units)?

Problem Statement Canvas Credit: metabeta.com

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 Cal toAction! Problem
Statement–
Revisit
ProblemLitmus
Test
Sharpenyour
Pitch

You have gone through thedifferent steps of the Problem Statement Canvas -
identifyinga problem,acquiringtheknowledge and learning the different tools that are
neededto identify a problemthat you find interestingto start workingon and tackle.
Nowyouhave avalidatedproblem– one that youare surehas somepotential.

Always remember that documentingyouroutcomefrom those 2 weekswill help youkeep

track of the problem and you can always come back and check your outcome.

It is now time to define the problem statement in a clear and succinct manner:

Steps of Problem Definition:

 Put the problem in the context

 Explain the relevance and criticality of the problem
 Substantiate your claims (market data, customer interviews)
 Propose a solution
 Explain the incremental benefits of your proposed solution(s)

You can always use the samemodelin the future

and applyit on any problem you are workingon
to ensure proper analysisof theproblem

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 nextgen.global@wfglobal.org

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