I recently met with a friend to discuss his business idea. We started very traditionally: Business Model Canvas and the mantra: “Start from the right” / “Problem First”. It made me think though. Is any problem eligible? Do we need the right problem aligned with his values and passion? Does he need to discover the right problem to solve before starting to move?
This view treats the venture as a search process. The entrepreneur studies customer pain points, identifies gaps, and designs a solution that fits a clear need. The goal is to locate something that exists in the world, then build the right offering to match it. This logic works well in environments where problems are stable, customers understand their needs, and market signals are reasonably predictable.
A different view starts from the observation that early companies rarely follow a clean path. When uncertainty is high, the entrepreneur cannot reliably identify the right problem in advance. Effectuation theory captures this alternative logic. Instead of beginning with a fixed target, the entrepreneur begins with personal means, which include identity, skills, and networks. Partners, customers, and early supporters join over time, and their commitments help shape what the venture becomes. In this model, opportunity is not discovered, it is co-created. The goal is shared exploration rather than precise identification.
Take-Home
Both views have merit. Discovery brings clarity and discipline, but it can limit adaptation when the environment is ambiguous. Shared exploration opens more pathways and leverages stakeholder insight, but it can drift without some form of direction. Strong entrepreneurs probably combine the two. They remain attentive to real customer problems, yet they allow the venture to evolve through interaction with others. A balanced approach recognizes that some opportunities are found and others are built.
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