It isn’t about you – It is about Customer!

Posted on September 7, 2011 by

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Building on Ham’s post about finding your entrepreneurial mojo (or inspiration) – I thought it might be useful to bring up a classic approach that entrepreneurs use when deciding what type of  business to launch or buy. Basically they start by asking myself what am I passionate about or what do I like, then go from there. 

While there are some successful companies built this way there are also a large number of failures. You have all probably witnesses or knew an entrepreneur that had a dream and was super passionate about something, only to invest their life savings into a product, store or concept only to find out they couldn’t generate sales. Why? Simply there wasn’t enough need for the business or there weren’t many (if any) customers that shared the same passion.  People and entrepreneurs need to remember that sometimes a hobby or an interest should remain a part-time leisure activity (after all that is what it is).

What is an alternative approach to discovering what business to be in? Ask the customer! Find a group of customers (that have money) then find out what problems they have. Turn those problems into a solution and sell it back to them. At least this way you know you will have customers when you launch (or prior to launching if you can get pre-orders to fund you business).

The key to this approach is the business model you go on to develop to deliver your valued products and solutions to the customers who already have a need for your product.

So what about the passion of the entrepreneur? Try being passionate about any of the following: building things,creating great business models,  problem solving, your customers, execution etc…

 

 

 

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