Foundr Magazine Podcast | Learn From Successful Founders & Proven Entrepreneurs, The Ultimate Startup Podcast For Business

One of the best ways for an entrepreneur to come up with a great business idea is by scratching their own itch. If something's giving you trouble, it's likely that other people out there are feeling the same way. That's how it all started for Mike McDerment, back when he created FreshBooks. At the time, McDerment wasn't looking to create a new business, or invent some sort of revolutionary product to sell. He was just trying to solve his own problem—he was tired of using Microsoft Excel as a way to create and send invoices to clients. It originally started off as simple digital product to make his own life easier, but it wasn't long before others started taking an interest in McDerment's new tool. Instead of selling a complete software package, the common approach at the time, McDerment decided to try out a new business model that was relatively unheard of at the time. "The truth is, we were SaaS before there was SaaS. We were cloud before there was cloud," he says. While most people were selling software as