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.
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.
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.