Identify a painful problem

0:00 We have to start with the pain, not the idea. People fall in love with their product, their solution, their ideas when the market is the decider. If you don't find somebody that goes, "Ouch." When you push on that bruise, then they're not going to want to spend money to solve the problem. See, most people get stuck in selling things that are nice to have, not musthaves. Things that are considered vitamins, not painkillers. If you can find real pain, you can make a lot of money.

0:48 When I think about it, people only pay for a handful of things. First, they pay to make more money. They pay to save time. They pay to save money because it makes more money or they pay to look good. That's status. [music] Find a pain that delivers on one of those promises. And now you get the beginnings of what could become a good business. So here's how to find a pain to solve with your AI business.

0:48 First, we have to learn to build the muscle of finding opportunities. I call this your frustration list. Most people don't realize that there's problems all around the world that need solving, but you might see something and just dismiss it. You just have to build that muscle. I can't walk around this world and not see a thousand businesses every day because I've built that muscle. You probably have that. You've just diminished it. You think it's not a big deal, but that's where the real genius comes in.

1:33 [music] When you can find those slight tweaks and just go, why is that done that way? That's where [music] innovation comes from. So look at the world as a series of problems to solve and your expertise in the thing you know best is the first place you should look. We have to start calling people in that niche that might have that pain and ask them about their frustration around it. Now, let's say you've had that conversation and repeatedly found 10 people in a row that have expressed that pain.

1:55 That's when you start shaping the potential solution for it. Here's how that conversation sounds. You call up the phone. You say, "Well, I've been talking to a lot of people just like you. What they've told me is this, this, and this. Does that resonate with you?" When they go, "Uh, yeah." get excited cuz all of a sudden you're like, "Okay, this isn't a vitamin anymore. This is a real painkiller opportunity." And now your whole thing is to help them shape your ideas on how you would solve the problem.

2:18 It comes down to helping them find opportunities to save time, make more money, reduce errors, something in their life that is creating friction or pain or challenges. That's what you want to validate. The last step, the most important is you want to pair the problem with a growing market. That could be picking an industry that's growing 20% per year and pair the solution with AI. When you start with the idea of how do I solve that specific problem using AI, that's what makes this video way different than anybody else teaching you how to just start a business.

2:40 Because the innovation is validate the pain, then come up with the idea around AI first solving of the pain. Most products out there, they work for a customer today and they added AI as a secondary thing. You want to start with the first principle of using AI to solve the problem [music] and that's what's going to make your product way different. Remember this, if you solve rich people problems, they will pay you easier and faster. So find customers that actually have money to pay to solve the problem.

3:05 With that, now you have their pain. But if you want to start a really successful AI business, it's time