The Classical school of Economics chanted, "Supply, creates its own demand!” Fast forward to the modern era, the “supply first'' days are long gone. We live in an age of abundance, and new age entrepreneurs must find the customer demand before creating supply. In modern entrepreneurship, this saying has reversed: "Demand, create its own supply."

The problem statement is an all-important asset to the startup. It forms the core of the business and the reason for it to exist, by laying out the real-world challenge that your business is focused on resolving.

Looking for the right business idea? To get the gears turning, check out these 10 frameworks for generating startups ideas that address real-world problems.