The Beginnings Of An Entrepreneur

An entrepreneur is someone who bridges the gap between a product and a group of people. It may be a new or an existing product. It might be an existing Entrepreneur Media India group of people or a new market entirely. The birth of a company is bridging that gap by connecting products and services to groups of people.
Therefore an entrepreneur needs two things; a product and a large group of people. Additional resources make for a better chance of success. It could be information or insight that other people do not. Product uniqueness could be a priority. Or perhaps a unique angle in manufacturing (better or cheaper), or product delivery (quicker, or better customer service). Perhaps you wish to deliver an existing product to a new target market that doesn’t have access to it.
The starting point of any entrepreneurial adventure is a product (or service). It may be an existing product that you’ve discovered, or more likely, an existing product that has found you. Perhaps you have developed a new product or service, or tweaked an existing one to be better, cheaper or quicker to deliver.
The next step is to turn that product or service into a proposition. It must be a compelling proposition to a group of prospective customers. When you went through product development you probably focussed on the features of the product or service. Now is the time to turn that into benefits for the potential customer. What problem does it solve? How will the customer get value from your product?
I want to use isopropyl alcohol as an example. It’s available from a wholesaler at about $2 per liter. As a consumer would you buy some? Probably not – the benefits aren’t immediately obvious. What if I dilute it, put it in a 250ml can and sell it to you for $1? Tempting? No!
I’ll call it Ice-B-Gone. My proposition – that is the benefit to you – is that you can get out of bed 20 minutes later every morning because you don’t need to defrost your car windscreen. No more tiptoeing across your lawn at 6am in your pyjamas. A couple of squirts of my product and you can go straight to work. By simply turning a raw material into a proposition and adding a brand on the can I make $3 profit on every liter sold.
See how compelling my proposition was? When you’re at the point of sale maybe you can’t see the point of defrosting your windscreen. You can just start the engine and let the heater do it’s job, right? Until I remind you of tiptoeing across a frozen lawn in your pyjamas, teeth rattling in the freezing temperatures at an ungodly hour of the morning. Wouldn’t you rather be in a warm cozy bed for an extra 20 minutes every morning? Or eating pancakes with the kids? Sure! That huge benefit is worth just a measly $1, right? Sure! Ch-ching, sold.
That’s only half the story, though. You’ve developed a product or service and now you have an attractive proposition. Who are you offering it to? You need a target market. This is the hard part. Connecting with customers, communicating your value, and convincing them to part with their cash.
Nobody cares about your business. Kevin Ready, author of Startup, often tells his business coaching clients this story;
I read a great book on starting your own business. It’s the most important book on the subject you could ever read – and it only had two words in it. Those two words were “nobody cares.”
Kevin adds that your job as an entrepreneur is to prove those two words wrong. Make people care about your business. Once you have a product, a market, and prospective customers, your job is to grab their attention and stir up an emotional response.
How? Every way you can possibly think of. Write about it on your website. Tell friends and family. Tell them again. Bore them over dinner with the story of how you managed to eek out another 1% efficiency in your product which makes it the most efficient and cheapest on the market. Hand out flyers, cards, gift vouchers. Create incentive schemes.
Get the first 5 customers and turn them into evangelists. Treat them like gods so they come back for more, and rave about your business to their contacts. Remember each customer you bring on board probably has 100-200 other business contacts. Make your customers your sales force.
Developing a product isn’t the hard part. Finding a market opportunity isn’t the hard part. Connecting the two is where the real work lies, and that’s what developing a Daily Express Obituaries and being an entrepreneur is all about.

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