If you want to your business succeed, you really have to know who your customers are — and what they want. Creating a great company isn’t just about having a brilliant idea for a product or service. It’s also about delivering something that people not only need, but also something that they are willing to pay for.
No matter how astonishing your business concept is, it will be dead in the water if it can’t connect to customers. Often, the difference between a success and a flop isn’t some huge gulf in how a product works or a service is priced. The thing that usually tips the scale is how well that product fits the needs of the customer. Continue reading
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One of the biggest mistakes early stage companies make is confusing the need for more customers with the need for more cash. It’s a very common misconception, and one I encounter all the time as a business coach. It often happens when the founders hit a wall with the company’s growth, and the only solution they can see for getting to the next stage is raising more money for things like bigger space, more staff or more equipment.
I’ll sit down with these entrepreneurs and managers to talk about their long-term strategies and growth plans, and I hear something like this: “We’ve got a great product. It’s going to change the world. But we just can’t get it off the ground, so we need a bunch of money so we can buy all the things we need to be successful.” Continue reading