As entrepreneur, you are part of an enthusiastic, optimistic and quick-thinking bunch, traits that can serve you well in business. However, these characteristics can also lead to reactionary decision-making, employee frustration and customer confusion. Diving headfirst into the exciting seed of an idea is what drives you. The pain-staking process of defining a mission, locating a willing customer base and creating compelling branding can often fall to the wayside. Without a clear direction, you run the risk of stakeholders not understanding what they are meant to do with your goldmine of an idea. Taking a step back into the basics of Marketing 101 can help you avoid building a fractured, murky business model.
Invest in Research First: You think your idea is fantastic – will anyone else? Apportion launch resources into investigating the viability of your idea. The cursory Google search for competitors does not count. Consult with trusted thought leaders within your indentified industry. Survey potential customers. If you are concerned about someone stealing your idea during this research phase, consult a lawyer about the best way to protect yourself.
Create a business plan: Think business plans are a waste of time? You are forgetting that no one excels at everything. As the complexities of building a business expand, you will have to make decisions about areas outside of your expertise. Without a clear plan on how to deal with them, it is easy to get distracted by bright shiny objects or to make quick, uninformed decisions. While surprises always happen, planning for everyday business can allow for better management of the unknowns.
Also, remember that employees and strategic partners cannot read your mind and you are not always around to communicate your vision. For them to support your success, they will need a business plan to follow.
Understand your target market: Guess what? Chances are most of your customers are not exactly like you! Understanding the nuances of the people who will buy from you will create successful marketing messaging. Who are they? Where are they looking for you? What do they need to hear for them choose you over your competitors? Release your deep understanding of yourself and focus on understanding your customers.
The creativity and energy of the entrepreneurial spirit opens exciting opportunities. However, taking the time to investigate, plan and understand offers the clarity needed to engage partners, employees and customers alike.
This article was originally published in the Carmel Business Leader.
