Last month, we touched on the makings of a BAD entrepreneur. Entrepreneurship is a competitive field with people from all walks of life contending to create something special in the marketplace. We have seen people try and fail purely because they believed having a good idea was enough.
Ultimately, there are elements every successful entrepreneur taps into to create and maintain success. Do you have what it takes to separate from the rest?
Find an Existing Customer Base
A great idea gets you nowhere if nobody believes in what you are selling. This will require research into the following:
- Identifying competition already on the market
- Previous attempts to market similar products or services
- Spending potential of the target audience
The level of competition will give you an idea of whether there is room in the market. There might be an existing market for electric car chargers, but can you compete with the companies already in the space? Finding an existing customer base is more than believing that people will want your product – it’s about knowing people will choose your product over the companies they already recognize.
If previous attempts to market similar products or services have failed consistently, what makes your idea better than what has already failed? Nobody should invest money into a venture unless there is a specific difference you can market to your customers.
A customer base that does not have the cash to spend will provide you with plenty of window shopping without ever generating revenue. Commit to a target audience that can afford what you are selling.
Understand Your Market
You have a great idea and know who would buy your product or enlist your services – but do you understand your base? Understanding your market goes beyond just knowing the demographics of your clientele and your industry.
You will want to heavily research the competition and see what they are doing differently to become the leaders in the industry. This should provide you with data points you can lean on to project growth and see what the competition is not only succeeding in but also failing in.
Knowing your audience means getting to know people who match your target market. This gives you the ammo you need to promote your products or services properly, communicate with customers, and speak directly to the unique needs of your audience.
Articulate the Problem You Are Solving
Why are you offering what you are selling? Long-term success is often based on finding something humans crave that is missing in their lives. A product that is simply unique will not stand on its own if it is not solving a problem or filling a hole in people’s lives.
You must be quick to address scrutiny and explicitly communicate what you can do for people that isn’t already being done. Maybe you can do what is already being done better – but why? Maybe you are doing something that has never been done before – but why?
Work with an Experienced Legal Team
Getting tripped up by legalities as an entrepreneur can sink everything you have worked on. Working closely with a legal team who understands your work and your market will protect you from these pitfalls and keep you focused on the work ahead.
At CLARK.LAW, we are proud to work with and endorse the hard work of entrepreneurs. We believe in making a difference and shaping the future. If you are an entrepreneur who needs a data-driven legal team with an eye on the future, contact our team today.
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