Keith Richards Quits Smoking: A Problem Solving Discussion
Keith Richards quit smoking.
According to People: “The Rolling Stones guitarist, 78, told CBS Sunday Morning in a new interview that after 55 years, he quietly put down his cigarettes two years ago with the help of nicotine patches.”
I heard Keith talk about his decision on Marc Maron’s WFT podcast. Now, Keith deserves credit for kicking the smoking habit (particularly after 55 years), but there are some other “lifestyle choices” that may also affect his health.
But what do I know? Mick and Keith are still rocking in their late 70s, so maybe they know more about self-care than I do.
This news did make me think about problem solving, and whether or not I go “all in” to solve problems. Am I making a real effort to address a problem, or simply kidding myself?
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Contents
Addressing a problem- before it’s a problem
We get our groceries delivered, and normally the driver drops off the bags at the front door and sends a text to my wife. Last Saturday, there was a knock on the door.
“Just wanted to let you know”, the driver said. “I couldn’t find the exact kind of soup you wanted, so I found a substitute. It was buy one, get one free, so you got 4 cans instead of 2. I wanted to tell you in person, so you don’t think it’s intentional.”
Smart. Address the issue before it’s a problem. He’s assessed based on customer reviews, and didn’t want to get a bad review for the out-of-stock item.
Another example.
Every few months, I get calls from accounting students or CPAs who watch videos on my YouTube channel. A CPA called the only day and told me that he had a disagreement with another CPA over a tax issue. The tax issue will create a problem when he and the other CPA generate tax returns.
“I’d call a tax attorney.”
“Well, nothing has happened yet”, said the CPA.
“If you think it’s going to be an issue, find out what you need to do now, not when you’re under pressure later.”
I learned this lesson the hard way.
If I get so much as a sniff that an issue is going to hurt me down the road, I try and force myself to take action. I’m sooooo much better off, and I have peace of mind.
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Thinking outside the box- using a box
Daniel Pink is a best-selling author, and a very funny interview. In this podcast, he explains the Duncker Candle Problem. As this article explains:
“The Candle Problem is a test of creative problem solving developed by psychologist Karl Duncker in 1945. The test challenges ‘functional fixedness’, a cognitive bias that makes it difficult to use familiar objects in abnormal ways.
Subjects are given a candle, a box of thumbtacks, and a box of matches, and asked to fix the lit candle to the wall so that it will not drip wax onto the table below.”
The thing that people miss?
They don’t use the box to solve the problem- they think it’s only provided to hold the thumbtacks. One solution is to tack the box to the wall, and put the candle inside the box.
I think I missed it, too.
Solving a problem that may not exist
I have two friends who each spent over $250,000- each- on software products that never got off the ground.
Both were successful in their careers. One was a remodeler, and the other a corporate IT manager. Another trait they had in common: both were burned out on their jobs, and were excited about creating something new.
Which is great- I think we can all relate.
However, both started building a product without clearly determining a customer need. Here’s the tricky part: there was some customer need, but not enough to justify starting a business.
So how do your find out if there’s a real, quantifiable customer need?
The answer is to start small by trying to determine a minimum viable product, which is defined as the version of a new product that allows you to collect the most information about a customer with the least amount of effort.
Here’s how.
Start small to solve a customer problem
There’s nothing more frustrating for a cyclist than struggling to change a flat tire on the side of the road. The tire tube might tear when you try to inflate it, and that’s a bummer if you’re in bad weather. More than once, I’ve had to call a family member to pick me up.
Sounds like a problem that needs to be solved. If the problem you’re trying to solve is urgent, customer demand will be higher.
You do the research and create a bike tire tube that is far more durable and less likely to go flat.
There may be competitors who are trying to solve the same problem. To get attention and generate interest, your solution must be seen as different from your competitors.
Let’s say that your tire uses a different type of plastic material that reduces flats.
Now you need customers to test it.
You go to bike shops and cycling events, and offer free tire tubes, in exchange for the rider’s email address. “Please try our tires, and tell us what you think.”
Next, determine what customers are willing to pay for your product. The price you charge must cover all of your costs, and generate a reasonable profit.
Serious bike riders- people who ride most weekends- put in more mileage and are more likely to have a flat. These riders value a more reliable tire, because they may be far away from home when a flat happens.
So ask people: If you’re currently paying $4 for a tire tube, would you be willing to pay $7 for a tube that’s more reliable? How about $6?
Finally, estimate the number of customers who may be interested in your product. The number of customers, multiplied by the product price, gives you the size of your market.
If the numbers seem to work, start small. Produce 100 tubes, sell them, and wait for feedback. Think of this approach as a test drive, to see if it make sense to expand.
Use these tips to validate your product idea before you go to market.
Food for thought.
Ken
Image: Guitar, Photo Cindy