During the past six months, I worked with many entrepreneurs. Some knew exactly what they wanted to do to start their business. Others were juggling two or more ideas. Some didn’t want to share their big idea of fear that someone else might beat them to it.
Many start-up businesses are founded on someone’s big idea, and, unfortunately, far too many fail before the dream is realized or they simply give up.
If your big business idea is to succeed, you need to consider the following to turn it into a great success:
1) Understand the customer
Understanding the characteristics, desires and behaviors of a narrowly defined target market is very hard, but very important for your success. You need to think, live, breath and feel the same thing your prospects do.
2) Your market understands you
It sounds great that you bring to the market the world’s greatest idea, but if your innovation simply solves an incredible problem people don’t know they have, you may end up burning your fingers.
3) Where are they spending money
Some business owners sometimes shy away from competition. If people are already spending money on a product or service then two-thirds of your work is done. All that’s left for you to do now is to show them how much better you can make their experience.
4) Keep an open mind
You need to be willing and ready to discover what the market really wants and adapt accordingly. This is one of the great advantages of being a small business. Don’t be blinded by your new born start-up baby.
Talk to your customers
Talk to your competitors
Talk to your employees