You want to make sure you understand the industry you'll be involved in so you can dominate. No matter how unique you might think your business idea is, you should be aware of competitors, said Ian Wright, founder of British Business Energy.
"Just because you have a brilliant idea does not mean other people haven't also had the same idea," said Wright. "If you can't offer something better and/or cheaper than your competitors, you might want to rethink starting a business in that area."
Key takeaway: Assess the market before opening your doors. Understand the industry you wish to enter, as well as its major players and your future competitors.
2. Determine your audience.
Spend time considering who your target demographic is. This audience will be the driving force in each decision you make. Understanding who needs your product or service can help fine-tune your offerings and ensure your marketing and sales strategies are reaching the right people. Part of this decision is understanding if you are a business-to-consumer (B2C) or business-to-business (B2B) enterprise. Within those parameters are multiple categories, including but certainly not limited to age, gender, income and profession. You can't earn a profit without your customers, so understand who they are and make them your priority.
"It is crucial to make sure you are delivering what your customer wants, not what you want," said Sonia Lakhany, attorney at Lakhany Law. "This will give you insight into your customer's buying decision and save you lots of experimenting down the road."
Answers & Comments
Answer:
You want to make sure you understand the industry you'll be involved in so you can dominate. No matter how unique you might think your business idea is, you should be aware of competitors, said Ian Wright, founder of British Business Energy.
"Just because you have a brilliant idea does not mean other people haven't also had the same idea," said Wright. "If you can't offer something better and/or cheaper than your competitors, you might want to rethink starting a business in that area."
Key takeaway: Assess the market before opening your doors. Understand the industry you wish to enter, as well as its major players and your future competitors.
2. Determine your audience.
Spend time considering who your target demographic is. This audience will be the driving force in each decision you make. Understanding who needs your product or service can help fine-tune your offerings and ensure your marketing and sales strategies are reaching the right people. Part of this decision is understanding if you are a business-to-consumer (B2C) or business-to-business (B2B) enterprise. Within those parameters are multiple categories, including but certainly not limited to age, gender, income and profession. You can't earn a profit without your customers, so understand who they are and make them your priority.
"It is crucial to make sure you are delivering what your customer wants, not what you want," said Sonia Lakhany, attorney at Lakhany Law. "This will give you insight into your customer's buying decision and save you lots of experimenting down the road."
Explanation:
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Answer:
Get Organized. To achieve business success you need to be organized.
Keep Detailed Records. All successful businesses keep detailed records.
Analyze Your Competition. Competition breeds the best results. ...
Understand the Risks and Rewards.
Be Creative.
Stay Focused.
Prepare to Make Sacrifices.
Provide Great Service.
Explanation:
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