One thing is very loud and clear in the startup world; don’t try to sell to anyone and everyone. Budding entrepreneurs at the initial stage should start up with a niche segment of the market.
Entrepreneurs should build something small; which has clear limits and boundaries with identifiable profitability and is ready to serve the consumer needs. Don’t pressurize your business with excessive features and just focus on the smaller things that actually is a matter of concern for your customers and can become your USP.
Approaching a small customer base initially can give an entrepreneur a very clear idea about; what customers need, their behavior, are they ready to pay for the product and how much can they pay. A smaller market will not have much competition as big companies don’t want to enter into just small markets.
With time you will have an established product line and cash-flow and this is the time when an entrepreneur should:
- Enter the other segments and market for further growth.
- pitch as an attractive venture for future investors.
- Fund for larger growth out of one’s own pocket.
Right experience, timely knowledge and continued learnings backed with time spent in the industry help in confident and easy scaling of business.