5 Myths about Entrepreneurs

Q1. What is my first step at targeting audiences?

It’s
important to create a “why us” value proposition for your product. Be ready to stay in test and refine mode, as you move forward. Many startups and entrepreneurs get so caught up in their business plan and trying to execute it, they forget the most important aspect, which is the market. It is important to move out of your cubicle and office space and go out and discover more.

Q2. Do I start small or look at the bigger market?

You definitely need to start with the smallest group possible. It may seem contradictory to many who are starting a business, but it’s vital to find a group who think what you offer is special. Finding a narrow group with extremely specific demographics or a specifically targeted problem is the key. It’s easy to expand your reach after you gain traction, but it’s always the best to be a big player in the smaller markets.

Q3. Is it vital to keep resources aside for my research or can I just analyze?

The customers who currently buy your product are your audience and it is extremely important to understand who they are, their characteristics and their buying patterns. Analyze the elements that worked with your marketing strategy that connected with your audience. It is obviously important to invest in customer relationship management software for small businesses. Use tools and software to see your customers’ geographic distribution, age range, habits and other valuable insights.

Q4. How important is it to study the role of my competitors in the industry?

If you’re lucky and blessed, you’ve invented a product that the world has never seen. However, it isn’t so easy always. It’s extremely important to check out the competition that sells similar products to yours. Look not only at the big players, but even the upcoming startups. Start thinking of ways that would persuade your customers to switch to your product. Make your product more desirable. Study your competitors and their success and how they connected to their audiences. Along with success, study their failures as well so you can avoid them.

Q5. How to create an audience profile?

The ideal customer profile contains not only demographic but also psychographic information. Demographics describe aspects like gender, age, income, marital status, job status, education levels, etc. Psychographics identify hobbies, behaviors, habits, lifestyle choices, values, and interests. It is also important to give equal weightage to both these factors as they go hand in hand.

Q6. What is my next step?

After you have figured your audience, it is important to envision your product and your company five years into the future. Both your business and your customers need to move forward in the same direction. Be aware of all the technology changes related to your product. And remember, as your business evolves, your customer base will also shift. But once you’ve found your target audience, the transition won’t be too difficult.

Hope this would guide you into finding the ideal audience, for more queries comment below!

Follow us on Facebook, Twitter, Instagram and LinkedIn.

Bollywood and Shahrukh Khan have long been synonymous. From stage plays in his early career to 80 iconic Indian films and global stardom for over more than a decade – the Indian actor, producer and television personality has made waves in every sphere of entertainment. But, every now and then, one will often find him reminiscing his modest roots.

If you’re launching your start –up, then you’re also most likely to find yourself in times of struggle and despair. But guess what? Even the King of Bollywood has been there and done that. Here are some of the most inspiring life lessons coming straight from the Superstar, that will help you “hang in there!”

Lesson 1: Sail away from your comfort zone

“Being brave means being shit scared all the way. But, don’t let your fears become boxes that enclose you. Open them up, feel them and turn them into the greatest courage you are capable of. I promise you, nothing will go wrong. But if you live by your fears, everything that can possibly go wrong will go wrong and you won’t even have done the Funky Chicken.”

Lesson 2: Embrace the madness in you

There’s no such thing as “normal”. That’s just another word for lifeless. Madness is an absolute prerequisite to a happy and successful life. Don’t ever treat your little insanities as if they are aberrations that ought to be hidden. Acknowledge them and use them to define your own way of living the only life you have. All the most beautiful people in the world, the most creative, the ones who led revolutions, who discovered and invented things, did so because they embraced their own idiosyncrasies.”

Lesson 3: Don’t panic ever – just be positive

“When life hits you with all the force of its resplendent rage, the Rolls isn’t going to give you comfort. A friend’s grace will, and if you can’t find resolution as easily as you would like to, don’t panic. Everything evolves as you go along. Even disasters eventually resolve themselves. Give life the space to move at its own pace, pushing it ahead only by way of being kind to yourself when you are hurting or in despair.”

Life lesson 4: Ignore the naysayers

“All the names you give yourself, or those that others call you, are just labels. You are not defined by them, no matter how flattering or uncomplimentary they are. What defines you is your heart. And I say this out of experience because if I was to go by what all I am called on Social Media I would be an old desperate manipulative that has been star who swings both ways while making crap movies, and these are just the good mentions.”

Lesson 5: Stop whining and start moving

“Whatever it is that is pulling you back, it’s not going away unless you stand up and start forging your own path with all your might in the opposite direction. Don’t attach yourself to either sadness or happiness, they’re both going to change with the same certitude. Take them with the ephemeral spirit of their impermanence and manage them with a healthy dose of good humour.”

Here’s what you need first – a office space, co-working space in Qutab, New Delhi or business centre in Koramangala, Bengaluru , where you can kickstart your startup.

Follow us on Facebook, Twitter, Instagram and LinkedIn

Mixing one’s personal and professional life is something that society has always frowned upon. However illogical, the basic myth has always been that your love life can be a major distraction and should be restricted for only after-work hours. But what if you’re one of those daring few who are willing to join hands with your real life partner to make it big in the business of cutthroat competition? Is it a sure shot recipe to failure, you may often ask.

Will he or she let you advance in your goals or will you end up on the extreme end, risking much more than just your business? Read on to get a bird’s eye view of what you should consider before taking the leap.

The Pros

1. They know where to tread: It is no surprise that a lot of successful companies have been built by partners who were longtime friends, classmates, relatives or lovers. Take a look at Lisa and Brian Sugar of POPSUGAR, Julia and Kevin Hartz of Eventbrite or even Bill Gates and Paul Allen for that matter. What you’ll notice is that both of them had a clear idea of each other’s shortcomings that intuitively defined their areas of responsibility. Each of their diverse personalities and skills sets could complement their shared goals within limited resources.

2. Resolving conflicts are easier: In the world of business, the biggest struggle is navigating relationships as they get bombarded day-in-day out with the stress and pressures of life. The best part? Your wife husband who now works with you actually has the sensitivity to understand your troubles since you both already share a high level of trust and comfort. And even if there’s a difference in opinion, you’re probably going to let it go for the greater good of your business. What’s even better is that your employees have the choice of approaching and confiding in either of you in case of personal conflicts.

3. Commitments are taken seriously: Having a shared business together means that one unattended hole in the boat, and you’ll both be drowning into the big bad sea. Since the stakes are higher, you’re likely to be more passionate and accountable to your company, your clients and your employees. Even if you’re having one of “those days” then rest assured, they are always someone you can count on.

The Cons

1. No work-life balance: For the both of you, pillow talk will mean discussing deadlines and solving issues that you’ll never be immune from. Unless you draw some serious boundaries at home, you both will probably end up working on weekends also. And when it comes to taking long family holidays or celebrating birthdays and anniversaries, you’ll have to think twice. A real problem is when one of you doesn’t show up – because then your partner is most likely going to have to bear with the brunt of all your work.

2. Financially risky: For every start-up that has succeeded – a hundred have failed. Especially with the unpredictability of our economy, it’s a lot lets riskier if your partner has an alternative job with a stable income. Starting a joint venture together, means there’s no back up. This makes it even more paramount to ensure that your partner is equally as passionate as you when it comes to starting out together, because that means altering your lifestyle till you actually see returns.

3. Differences in opinions: Having a different perspective is usually healthy – because it helps you see potential pitfalls that you may not have anticipated. But, if you’re not able to communicate effectively and clear the air in time, then problems can internally build up and cause havoc. Lack of mutual respect and complete avoidance of the other, can snowball into bigger issues in your personal life.

Follow Awfis on Facebook, Twitter, Instagram and LinkedIn.