Entrepreneurs: narrow your focus and broaden your horizon
One of the common mistakes most entrepreneurs make is trying to accomplish too much and spreading themselves too thin. When it comes to startups, less is more. Don’t try to be the startup that does it all. Let’s be honest: you’re not going to appeal to every market and solve everyone’s problems. As an entrepreneur, your time is precious. The sooner you narrow your focus, the better. Focus on what’s possible for your startup and block out the rest.
Successful startups find a market need and work to fill it. In other words, find your niche and dominate it. How do you do this? By narrowing your focus, narrowing your target markets and narrowing your product or service.
Narrow your focus: I’ve said it once, and I’ll say it again: don't spread yourself too thin. It’s better to have one great product rather than a cluster of mediocre products. Create a few key objectives and work towards them. These objectives should be your primary focus. Everything you do, everything you say should move you closer to one of these objectives. Don’t try and accomplish a million different things at one time, even if you do get them all done, they won’t be the best that they could be.
Narrow your target market: If you’re trying to get everyone to buy your product, chances are no one will. Don’t waste your time trying to reach every potential customer. It’s not worth it. While there are multiple benefits to a refined target market, one of the most beneficial is the ability to tailor your product or service around their specific wants and needs. Not only will this save you time by being able to pivot at an early stage, but also save you money on marketing expenses and other wasted resources. The best way to refine your target market is by finding your niche. It’s no secret that most startups succeed by clearly defining their niche. In other words: if you want to succeed, find a need and fill it. Don’t waste your time trying to solve everyone’s problems. Hone in on your target market and work to fill their needs.
Narrow your product or service: It’s better to have one truly great product or service rather than a few mediocre ones. Let’s face is: being mediocre doesn’t get you anywhere, especially if you’re competing in a clustered market. Take a step back and identify the strongest points of your startup. Now, imagine those one or two points where your startup. Could you sell it? Would your startup succeed and make sense without the other points? If so, drop all the clutter and cut to the chase. You’ll end up with a stronger, more market friendly product.
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