In 2017, is it still possible to seize the opportunities that are available to us to dare to launch its box?
Thanks to modern technology, it is possible to switch from idea to business in a short period of time.”But most never start because it creates a risk to take.
The importance of market trends
Another reason why startups fail is because the founder ignores the trends in his market. Especially the TPE that often have difficulty to take the digital turn and generate business through their website and social networks.
Pivot around what customers want
By following the stories of successful and failed products and brands, entrepreneurs can learn a lot from Apple and Kodak. The iPhone has continuously evolved from the demands of users and continues to dominate the smartphone market.
Conversely, although Kodak has been the highest photography brand for more than a century, they have ignored early warnings and have not rotated fast enough for the digital world. In 2012, the company went bankrupt.
When it comes to developing your business, do not have fun with your idea. The idea helps you get started, but you must always be able to change. Improve your idea with experiments and tests.Otherwise, you will fail.
Optimize your prices
Most failed companies have mismanaged their pricing structure.
“In the book” Smart Prize “, two Wharton professors have analyzed all the things you can do in order to get positive repercussions for your business. Price optimization is paramount: most corporate prices are too low or high.
If you study economics, it is the study of the management of limited resources. Unless you are a Saudi sheikh, most people have only a limited amount for their investments.
So, focus on testing different prices to ensure the demand for your offer. If people do not pay a penny, close the business or make a massive pivot. But if the product sells well, or you can charge a special price on similar products on the market, you’re ready to go a step further.
Expanding on a larger scale
On a larger scale, entrepreneurial coach Thai Lopez says you need two things: virus-free marketing and paid advertising. But the basis remains a good product or service that works and that sells.
Billionaire Charlie Munger said: “You can not polish a shit. Some people try to advertise for a crappy idea. It does not work. “
But you can polish a good idea. If your idea is good, use some controversy, humor and a dramatic dimension in your marketing to generate brand awareness about your brand. For example, the French Brief surfed on the trend of Made in France to launch its products and make the buzz.
Once you have a successful product that is viral, invest in a paying reinforcement. Most people try to stimulate too early, which is a costly mistake. You are trying to stimulate something that people are not yet aware of.
Use a Trainer
All world-class artists use trainers, coaches and mentors. You can apply the same principle to your business. Regardless of the business you launch, a mentor responds to things you can not find online.They will reduce your learning curve by years. Their personal experience saves a lot of time in the launch of a project. There are three options during training: in person (best), online or books (the easiest), or none (avoid confronting one’s own weaknesses). If you want to start your business, Le Légaliste offers free guides and resources to help you plan your project.