About Quote by Michael Dell
“Every breakthrough business idea begins with solving a common problem. The bigger the problem, the bigger the opportunity. I discovered a big one when I took apart an IBM PC. I made two interesting discoveries: The components were all manufactured by other companies, and the system that retailed for $3,000 cost about $600 in parts.”
About This Quote
Source Interview: Business Insights, Michael Dell, 1995
Great businesses start by addressing widespread, significant problems; larger problems create larger market chances.
In simple terms: Solve big, common problems for big opportunities.
Key Takeaway
Identify and fix a widespread need.
Themes
entrepreneurship
innovation
market analysis
Mood
determined
optimistic
Type
advice
inspirational
When to use this quote
- startup planning
- product development
- cost reduction strategies
Key Concepts
value creation
cost structure
industry disruption
Questions to Reflect On
- What common problem have you ignored?
- How can you measure problem size?
A Different Perspective
Large problems may be hard to define clearly.
![“Innovation is not a big breakthrough invention every time. Innovation is a constant thing. But if you don't have an innovative company [team], coming to work everyday to find a better way, you don't have a company[team]. You're getting ready to die on the vine. You're always looking for the next…” quote by Jack Welch](https://sms4smile.com/quotes/img-quotes/9ed/jack-welch-1195_always-trying_innovation-is-not-a-big-breakthrough-inv_111877.jpg)
