Exactly what problem are you solving for a prospective customer?

The biggest blunder we technical entrepreneurs commit is to focus on the raw technology or how wonderful the product or service is (or will be), but ultimately the only thing that really matters is your answer to the question "Exactly what problem are you solving for a prospective customer?". More specificially, what problem or opportunity does the prospect have that they already recognize and desperately want solved, and are actually willing to pay you a fair amount of money for.

Ideally, you want situations where the prospect already has a budget in place and your product or service fits the bill for that pre-existing and pressing need.

Sure, if you have a truly novel product or service the prospect may not even know they have a need, but that kind of "missionary sell" is much more difficult than simply matching up your solution with the prospect's known problem.