10 Simple Mistakes that can Ruin Your Startup
#2 Have the Right Approach
When you are starting off a new business, it does not mean that you have to buy everything new and make brand new connections. You can use your personal laptop to develop the software and ask your friend to write the code for an html page, you can seek the help of your friend from IIM for some help with the initial marketing strategies and your cousin for some advice on some legal policies. You can save valuable money by using your discretion without compromising on your idea.
#1 Not knowing your Market
You need to identify your market segment otherwise your marketing advertisements will not be targeted at anyone.
Once you target your customers it is easier to conduct field tests and surveys and collect feedback. Some very large brands have shifted their target population so it does not mean that your product has to stick with the initial target population. If you have developed a network for college students then you can tweak it to become suited for school students and alumni’s. Most importantly keep an open mind, ideas can be found from the most unlikely people at the most unpredictable times. A simple thing as an apple introduced us to the phenomenon of gravity.
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