Solve Existing Problems

Steph Smith discusses the success of indie entrepreneurs who focus on solving existing problems rather than inventing new ones. She emphasizes how seemingly niche solutions can address widespread business needs, using examples like BannerBear and Headline.

Key Points:

• Successful Product Development:

  • Focus on solving existing, validated problems
  • Don't try to create new problems to solve
  • Look for pain points that businesses already experience

• Case Study - BannerBear:

  • Launched in late 2019
  • Solves image generation for blogs and social media
  • Run by essentially one person (plus part-time support)
  • Addresses a widespread need that initially seems niche
  • Target market includes any company with a blog or social media presence

• Case Study - Headline:

  • Built and sold within 8 months for 7 figures
  • Simple AI tool for generating landing page headlines
  • Built in public on Twitter
  • Launched on Product Hunt
  • Uses GPT-3 technology

• Success Patterns:

  • Solutions appear niche but serve broad business needs
  • Problems are obvious in hindsight
  • Examples: "Of course people need sites to house their work"
  • Focus on practical, everyday business challenges
  • Build solutions for existing workflows

• Building Approach:

  • Can be built by small teams or individuals
  • Don't need venture capital
  • Can be developed relatively quickly
  • Focus on execution rather than innovation

The key insight is that successful indie entrepreneurs focus on solving obvious, existing problems rather than trying to create new markets or invent new needs.