In today’s day and age, this digital revolution that we’re going through, what we find is there’s uncertainty all across the organization. And so everybody needs entrepreneurial skills, they don’t all apply to the same degree. But the entrepreneurial skills are ones whenever you face uncertainty, you have to be in learning mode instead of just execution mode. It’s more on what you need to learn instead of just executing your existing plan.
Struggles with large companies are that they know that they’re not customer-centric enough, they know that they’re not agile in the sense they can’t take in new information from the world and change what they’re doing. They know that they move too slowly which present as their challenges. A change of mindset is the solution or the entrepreneurial way to go which is creative and people are inspired to work.
Branding When the Company is Small
There is a lot of that stuff that is not that important at the beginning when it comes to branding. As startups companies can overemphasize that, they can actually spend a lot of time and money and resources that it’s wasted over developing their brand. And a lot of startups in the world can relate to that, an example would be the Wayback Machine, their branding was bad at the beginning. It’s actually often necessary to spend a few years testing the market, seeing what the market wants, so it’s not worth spending a lot on brand during the early stage. Often young entrepreneurs at the start of their business get advice from lawyers and marketers. And they can spend a lot of money on both without actually even understanding what their business is yet.
Type of Business Name
A descriptive name is purely descriptive of what a company or product does or its function. They might also take the form of an acronym or the names of the company founders. An example of a descriptive name is What Moves the Need, where move can’t really be owned. It’s a very good type of name to get up and running because you don’t really need to then spend on trademarking, all those things that add expense, subsequently, when you’ve really taken off and if you want to, you can then find a name and maybe use what you initially started with as a tagline or something. So there are strategies for minimizing expenses.
A Process on Working Out Customers – Creating Personas
On developing personas, there is the old school market research type and a more focused version where it can be narrow and specific to know what is the pattern? What are their characteristics? What are the behaviours of a group of people that share the same need or passion or desire, and speak the same language so that they would refer to each other for solutions that address a need. Personas are best described to be a real person to think about, where did those people hang out, and then go and find them and try to validate that those characteristics and behaviours really do describe a group of people.
Usually, with startups, they want a million customers, because that’s how they’re going to be wildly successful. And so it’s really difficult to get them to think about, who’s their customer? what’s the pattern of individuals? And for the large companies, it’s difficult because they already have a million customers, so they want to do something new that will tackle all of those million customers. It is not how you can start discovering or validating the value that you want to bring to a market, you have to go and find it. Try to validate that you’ve got the right people, and they’ve got the need that you think they have and the idea that you have to address their need is interesting to all of them. Context matters a lot it’s understanding who your customers are and how you can influence and reach out to them to present a solution to their needs.
An example is a business owner who would want 1000 customers right away but currently has 0. The important thing to do first is to go and find one willing customer to try your product, try going out and discovering customers. The idea is that somebody’s got a goal that they’re trying to achieve and if you understand that goal that matches your product you can achieve the needs of your customers rather than trying to create a product to meet lots of needs.