Having the right level of research and preparation is important. You probably should understand the industry, and you certainly should have a deep understanding of what customers need.
However, don't let the pursuit of perfect, risk-free data stop you. The truth is, that perfect data either doesn't exist, isn't relevant to you, is extremely expensive, or is all of the above.
Rather than over-analyzing your business, just get started building traction with real customers. Now.
Not sure where to start? We have a tool to help you connect to practical steps.
Nothing stays the same, and the pace of change (especially for technology) only continues to increase. Any business that hopes to stay relevant, big or small, needs to incorporate learning as a core part of their strategy.
What does that look like?
Getting real customer feedback, conducting experiments, taking (small) risks, measuring your results, and staying accountable. Trying new things and taking (controlled) risks is a crucial part of learning and innovating. After all, if you never try something new, you will never perform better than anyone else.
What you learn will vary depending on the nature and age of your business. At first, you should be learning about what customers actually will buy, and how to best serve them as you find product-market fit. As your business matures, you should continue innovating your customer's experience, while pivoting to innovate operational excellence. This might look like delivering the same value to customers faster, more automated, or for less cost as you build out the business.
You may have the perfect service or offering, but that doesn't mean much for a business if it doesn't resonate with customers.
Rather than starting with what you have to offer, start from the customer's shoes. What do they need? What pains them about the current products and offerings? Where are they wasting time and money? What are their hopes and dreams?
Take the time to deeply understand the customer, and prioritize their feedback over your own strategy. Approaching the customer from a position of helping them with a pain point they already experience, rather than selling them something you're sure they will want (once they hear your pitch) will go much better.
Many have walked down the same entrepreneurial path as you - and most are happy to share their learnings or collaborate. At Promeyou, we share many best research-based best practices based on our own hands-on experience, customized to your unique challenges with Right Advice.
Find a mentor who can help you through tough decisions and connect you to a network. Build your own network of potential future customers (the kind its important to be learning from), potential co-founders who can fill out the gaps in your skill set, and partners who can help your business scale.
Networking is an inherently personal task - many are best initiated from your own contacts, existing networks (e.g. alumni networks, trade associations), industry events like trade shows, and more informal events such as start up focused meetups hosted in many cities.
Everyone has their own networking style - from the smooth talker who can effortlessly float between conversations to the more shy colleague who is happy to engage one-on-one at a technical level. Be true to your own style and personal brand. While it may take a few tries and feel uncomfortable at first, but networking is a skill you will need to build.
Don't let perfection hold your business back.
While it's important to delight customers, what makes customers happy isn't the same as what "perfect" looks like to you.
As a business owner, your time is limited. Ruthlessly prioritize the activities that generate the most value, and accept "good enough" for the rest. The book "The 80/20 Principle" describes how to take a deeply pragmatic approach to business and life. As you get started, this framework is a must.
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We have some practical tips on how to start smart - even when you don't have financing.
We can help you with a customized, data-driven approach to get your business to peak performance.