Does a startup HAVE to solve a problem to be successful?

Question

Dzmitry Tsemirau · Accepted Answer

What do you mean by successful? A one with a high profitability, or a loss-making company with many customers whose customer base can be sold for a high price?

Nathan Covey · Answer

Yes. But problems can be in different areas that you wouldn't expect. For example, Mr Beast's YouTube channel solves the problem of people being bored and wanting to laugh and be entertained.

Behind every successful business there is a problem it solves.

Nemanja Zunic · Answer

Absolutely! The bigger the problem it solves, the bigger are the chances for its success.

Alistair Blake Sutherland · Answer

Not always, some startups become successful by executing an existing idea really well or by creating a superior product in an established market. But identifying and solving a meaningful problem definitely increases the odds of success since it ensures you're building something people actually need. Plus investors tend to favor startups that are solving real problems.

Does a startup HAVE to solve a problem to be successful?

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