In this series of blog posts, we’re revisiting our Education Seminar Series and bringing you the top three takeaways from each lecture.
Geared toward early stage ventures, our seminars are a valuable resource for new companies and entrepreneurs looking develop a solid business foundation.
In the first seminar, Ralph Turfus discusses assessing the venture opportunity in front of you. Here are our top three takeaways.
Focus on your customer’s needs
You may have an amazing and innovative idea, but until you think about it in terms of your customer, you won’t have a successful business. Why? Customers are the foundation of a business, and ultimately keep it in existence.
Focus on product-market fit. This where you fine tune the connection between your product and what the customer needs. The challenge here is to find the optimal space for your company in the market – a hole in the market – a place where your competitors are not.
Earn your customer’s trust
Typically, the prospective customer decides that they will purchase from you because it appeals both quantitatively and qualitatively.
The single most important quantitative factor is that your product’s value outweighs all the other choices. Through your marketing strategy, your product carries qualitative factors. These factors result in you creating the customer’s trust and belief in you, and an emotional and intangible connection to your product.
Hone your positioning statement
Having a clear positioning statement is important because it conveys what your company is trying to do to all stakeholders.
For example, your staff will understand your mission and are more likely to get involved. Investors will love it because it is business-like, concise, and easy to consume. Customers who actually understand what you are trying to do can give you advice and direction on the product’s roadmap.
Considering these different perspectives will mitigate risk, and will decrease the number of times you’ll have to ‘retry.’ By taking the time to write a sharp positioning statement, you’ll feel focused and confident that you’re doing the right things in the proper manner, setting your business up for success.
Watch the full seminarAbout the Education Seminar Series
The Education Seminar Series offers a mix of seminars and workshops to tech entrepreneurs. Focused on business education, the series is a valuable resource that teaches the essential building blocks for an early stage venture to move their business forward.
We typically hold our seminars in the Spring. Sign up for our newsletter to be invited to the next educational event.
In the meantime, check out our other startup resources:
If your startup is in need of mentorship, consider joining one of our Venture Acceleration Programs.
About the speaker
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