From Concept to Profit newsletter

Identify the problem (Step 1):

Identify
the problem (current or emerging) that you are going to solve, or
opportunity you are going to exploit. You may have a product or service
defined, but this phase is important to redefine what the root of the
issue that you wish to solve. Take a fresh view from the perspective of
a potential customer; try to feel their pain, and how it affects their
business or life. Your customers only care about the end product, their
experience with purchasing and using it, everything else is

Key Questions to ask yourself: