If you’ve ever watched Shark Tank, you know there’s a lot more to being successful in business than just having an ingenious new product or offering. Evaluating whether to become an entrepreneur can be daunting, as it involves not only generating customer demand but also strategizing how you will outshine your competition on an ongoing basis, and how you will fund your business. A demonstration of entrepreneurship being no easy feat, statistic show that about half of new start-ups in the U.S. fail in the first five years. So how do the successful entrepreneurs do it?
Below are five questions all my start up clients answer when start working together
1. What customer problem do you solve?
Start by asking yourself what customer problem you or your product solves. Tobak goes on to say, “…if you don’t come up with a big problem that customers will pay to have solved, your entrepreneurial career will be very short-lived.” Use this question as a starting point when mapping out your business or solution. The customer will ultimately drive demand for your product or service.
2. What’s your solution, and what’s its value proposition?
Your solution needs to be unique. Make sure you understand what your competitors are offering, and then ensure that your solution can provide more value to the customer. Failing to increase value proposition will make your product or service a commodity.
3. How are you going to attract and retain customers?
How you will make and keep your customers happy is as important as knowing how you will grow your customer base. Competitive strategy is also critical, as you can be certain that competition around a product or offering similar to yours will come once you achieve success. What will create a greater demand for your offer as compared to that of your competitor?
4. How are you going to gain market share and scale?
Market share can be approached in three ways: create a new market, expand a current market, or take market share from current competitors. Market share is not cheap. You need to know which area you will focus on, and be prepared financially to earn the market share you want.
5. How are you going to fund your growth?
This is most likely the toughest question to answer. It is also the most common reason entrepreneurs fail (and why Shark Tank investors are so selective about their investments). Be sure to clearly map out your plan for funding your new business, and stick to that plan as closely as possible.
If you can answer these five questions, you are off to a great start for going into business for yourself. It’s not the complete package—or the final solution—to being an entrepreneur, however.
ABC has helped many small businesses to…
- Generate All The Leads Your New Business Can Handle,
- Separate Your Business From Your Competition… And Dominate Your Market,
- Make Your Business The Obvious Choice When It Comes To Buying What You Sell
- Dominate Your Competition Right From The Start
- Generate Immediate Cash Flow
- Out-Think, Out-Market And Out-Sell Your Competition
CLICK HERE to learn how these things can become part of your business.
Enhancing The Lives Of Business Owners
P.S. Please remember that at any time you feel ready and qualified to move forward and acquire the professional help that can enable you to build the business of your dreams, just click here and check out our ABC E-Learning Marketing System™. It’s helping small business owners just like you get the answers and the help they need to build the business they have always wanted.
We created the ABC E-Learning Marketing System™ with the perfect combination of online resources, tools and support to get you out of any financial distress you’re presently experiencing… help you get laser-focused on your highest income-producing activities… and help you develop and then apply the fundamentals that build multimillion dollar businesses.click here to see for yourself.
If you would like learn more about how you can find your IDEAL client – click here or call Coach Michael Stelter at Advanced Business Coaching, Inc. (262) 293.3166.