In her view, the most important question in business is: What is a problem in need of a solution? The more pain a problem causes, the more people will want the solution and will pay for it. After you have identified the problem, studied it, and decided it is worth solving, entrepreneurs can begin to pave the path to a successful new product or service.

Discovery stage: Here the entrepreneur determines if the solution is unique, relevant, profitable, and sustainable. Get the solution right by talking to potential consumers and learning what they need. This research shows whether your proposed solution to the consumer’s problem is, in fact, the best solution for the consumer. If it is not, you adjust your initial hypothesis based on this feedback, ultimately accelerating the time between inspiration, execution, operations, and growth.

Test stage: The test phase is about confirming product-market fit and refining as needed. Create a test web page, drive traffic to the page through blogs and Facebook, and see the conversion rates based on different messaging, pricing, and so on. You can even make sketches of your idea and talk to strangers. Do they get it? Listen to their ideas on how to improve it. Fail fast and move forward.

Launch: Now it is time to fine-tune the business model. What will be the key drivers of growth and profitability for your business? Work out the bugs in your product or service. Test pricing strategies and sell! Before you raise capital, investors will want to see that you have customers—and preferably paying customers. Understand the key growth metrics for your business and then collect and analyse the data rigorously. To grow your business, you will need partners and investors. If you show them that you have a sustainable business model and that this is not just an “idea”, you are more likely to the see the interest and support you are after.

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