Startup Thoughts

Thursday, December 29, 2005

4 Rules for the Practical Entrepreneur

An interesting point he makes is that a distinction amongst visionary and practical entrepreneurs.
Visionary have a dream and will follow it until they succeed wildy. Crazy perseverance and diligence until it works.

1. Which market ?
You can enter an already established market where there is a clear need . Or you can create a new market but the hard part there is that you have to persuade the customer to use the new technology.

Are you competing with a clear dominant player in your field. if yes than you got lot more explaining to do to the consumers by you are different/better.

Lot of fragmented players also do lot of marketing creating awareness about the service without your money. If the need is very clear and promoted by others , it is automatic advertising for you. You don't have to convince the customer about the need for your product.

2. B2B is better than B2C ??
Companies have more money to spend and you have to sell less copies.

3. Very clear and simple revenue model.

4. Use the product daily yourself and do good product research to understand how can the product be improved.


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