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  4.9. Assignment: Write Down Your Monetizable Pain Hypothesis

As an entrepreneur, you want to focus on a big pain point, a monetizable pain. A Monetizable Pain Hypothesis is a clear description of your hypothesis regarding the pain customers are experiencing.

Assignment Directions:

1. Identify a customer pain and write it down as your Monetizable Pain Hypothesis.

In case you have forgotten what a Monetizable Pain Hypothesis looks like, here are a few examples, including David's.

  • "Individuals don't have a way to to connect to other individuals in a world-wide marketplace to buy and sell their goods" (eBay).
  • "Businesses have no way to measure how effective their digital, online marketing is" (Google Analytics).
  • "Wealthy, frequent business travelers dislike the airport experience, but don't have enough money to purchase a private jet" (Surf Air).
  • "Individuals want to start food trucks in the city, but government regulations are strict, making it too expensive, time consuming, and difficult for them to pursue. If it were easier and cheaper for individuals to comply with government standards, more people would start a food truck" (David's Food Truck Business).

Note: You may be concerned that your customer pain is not very big (i.e., not a monetizable pain). That's ok. Monetizable customer pains are very difficult to identify - if they weren't, entrepreneurship would be much easier than it is. That's the point of the "Nail It" phase - to take a customer pain, test it, and determine whether or not it's a monetizable pain. At this stage, it's important that you simply have a customer pain that you've identified and can test in the coming weeks.