It's important for a business to solve a real problem rather than a perceived one because a real problem has a tangible market need. Solving a real problem means there's a demand for your solution, which can lead to sustainable business growth. On the other hand, perceived problems may not have a significant demand, leading to limited business opportunities. For instance, the example of kneepads for babies was a perceived problem with limited demand, while providing cheap office space was a real problem with a substantial market need.

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A business can pivot by reassessing their business model, identifying a new problem that needs solving, and developing a solution for it. This may involve market research, customer feedback, and brainstorming sessions. The new problem and solution should be compelling enough to attract investors. It's also important to communicate the pivot effectively to stakeholders, including investors, to gain their support.

Some strategies for showcasing problem-solving in a pitch deck include: 1. Clearly defining the problem: Start by explaining the problem your business aims to solve. This sets the stage for your solution. 2. Presenting your solution: After defining the problem, present your solution. This should be clear and concise. 3. Demonstrating your solution's effectiveness: Use data, case studies, or testimonials to show how your solution effectively solves the problem. 4. Comparing with alternatives: Show how your solution is better than other existing solutions. This could be in terms of cost, efficiency, or other factors. 5. Showing your plan: Outline your plan for implementing your solution. This shows that you have a clear path forward.

A business can use customer feedback to identify a real problem by actively listening to their customers' experiences, complaints, and suggestions. This feedback can highlight areas where the business is not meeting customer expectations or where a product or service could be improved. By analyzing this feedback, a business can identify common issues or trends that indicate a real problem that needs to be addressed.

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