#1 Know Your Total Market and Target Market
Tina Wells, an expert in marketing to various markets, founded BuzzMg, an media communication agency. She explained that importance to know both your total and target market. You cannot fool yourself into thinking that there is people out there that are just going to be into what you are doing. This will just lead to failure, be honest to yourself, and talk to people about what it is that you are planning. From that point, you have the ability to position your business accordingly from the data you are collecting about the market.
#2 Survive Until the Market is Ready
Bill Gross, the founder and CEO of Idealab, dealt with internet related products that were ahead of their time and innovative, such …show more content…
Hemant Shah, co-founder and CEO of RMS, did not want this to be the outcome for his team. He believed that if you stick with your company, and almost reinvent the ways it operates, you could have a new company within your old company. This does not need to be on such a large scale found in RMS; it can apply to smaller startups. A young entrepreneur should not be striving to sell out their company. Instead, they should feel purpose within it and put all of their effort into it to make it grow to its biggest …show more content…
Previous working at the household product company, Procter & Gamble, Scott had a narrow mindset. This can hurt a startup because you cannot always see the full potential of the business. In Scott’s case, Intuit was a household product that was being used in a business setting, something it was not intended for. He soon realized that this simplistic program could be used in business, something previously unknown to him. An entrepreneur may have an idea and an image in their mind of where they want it to go, but there is no certainty for what it may be used for. That is why it is important to study the demographic it is targeting, and decipher if there is a potential change that may make the business
Tina Wells, an expert in marketing to various markets, founded BuzzMg, an media communication agency. She explained that importance to know both your total and target market. You cannot fool yourself into thinking that there is people out there that are just going to be into what you are doing. This will just lead to failure, be honest to yourself, and talk to people about what it is that you are planning. From that point, you have the ability to position your business accordingly from the data you are collecting about the market.
#2 Survive Until the Market is Ready
Bill Gross, the founder and CEO of Idealab, dealt with internet related products that were ahead of their time and innovative, such …show more content…
Hemant Shah, co-founder and CEO of RMS, did not want this to be the outcome for his team. He believed that if you stick with your company, and almost reinvent the ways it operates, you could have a new company within your old company. This does not need to be on such a large scale found in RMS; it can apply to smaller startups. A young entrepreneur should not be striving to sell out their company. Instead, they should feel purpose within it and put all of their effort into it to make it grow to its biggest …show more content…
Previous working at the household product company, Procter & Gamble, Scott had a narrow mindset. This can hurt a startup because you cannot always see the full potential of the business. In Scott’s case, Intuit was a household product that was being used in a business setting, something it was not intended for. He soon realized that this simplistic program could be used in business, something previously unknown to him. An entrepreneur may have an idea and an image in their mind of where they want it to go, but there is no certainty for what it may be used for. That is why it is important to study the demographic it is targeting, and decipher if there is a potential change that may make the business