Learn more about business with this collection
Identifying the skills needed for the future
Developing a growth mindset
Creating a culture of continuous learning
Validate your idea
You can use crowdfunding websites to validate your product idea and raise funds in the process. You can also create a landing page on MailChimp and start collecting leads just to see how well the promotion goes and whether the niche that you choose has any demand. One quick way to do that is by running a few paid ads to direct users to your landing page and measure the performance of your ads.
The worst thing that can happen is choosing a niche with low demand, registering your company, and having your website up and running, only to realize that nobody wants your products or services.
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Identify your passion and skills
The best way to choose a niche is to first decide on what you enjoy and what you are good at. This way, you will be able to monetize your passion and your skill. With the two key factors combined, you will be able to build a strong foundation for your business.
Doing so...
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Determine potential profitability
It is crucial to determine whether the niche you have chosen has a need and whether people are willing to pay for what you have to offer. Choosing an evergreen industry is one way to ensure that your business will be in a profitable market.
Some markets tend to perform bett...
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Identify your target audience's problems
Building a profitable business is about understanding the problems and desires of your target audience and being able to bridge the gap to help them get to where they want to be. To solve their problems, you will first need to be aware of the problems that they a...
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Research your competition
It is important to know your competition to truly understand where you stand so that you can determine the profitability of the market. Understanding your competitors will enable you to identify market gaps and fill the gap.
You’ll get to establish your unique value proposi...
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Types of MVP
- Video MVP {A video that explains your product or solution to measure traction}
- The Concierge MVP {idea that when you’re just starting out you don’t need to be able to handle thousands of customers, you just need to make one customer happy} great way to validate your hypothesis
Assemble yourself
Hardware startups face a problem where they need a minimum order for a factory production run, but don't have the funds. Without a product, they can't generate the growth to raise the money to manufacture the product.
While crowdfunding, (pre-orders) can help a lot, it is advisable to assem...
Automate Your Workflow
The easiest way to build a useful product is to automate some part of your daily workflow which ensures you’ve got proven demand for your product and a pre-existing funding source.
Successful examples:
- MailChimp: built a tool that would streamlin...
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