On average, there are 137,000 startups emerging every day. It is not news that managing a startup is very challenging especially for first-time founders. This is because they don’t know what to do, or don’t have the necessary resources to achieve success, or simply because of circumstances beyond their control. There is an old proverb that says, “a smooth sea never makes good sailors”, the good thing is that there are knowledgeable people in the startup community who can help you. We have started a helpful series called “Ask The Experts” and one of our BGI experts will help diss-mystify the hurdles of the startup life.
In this episode, Sofia talks about the 3 main mistakes that startups make. One of them is the so-called “one-size-fits-all”. To be successful in this entrepreneurship world, you need to do a segmentation, targeting, and positioning that is tailored to your product and to your market. Here are some of the highlights of Sofia's tips.
You need to look at the biggest market; the market that needs you the most and also the market that has the potential to grow.
Then, you need to segment into homogeneous groups within all societies.
Once you’ve done this, you need to target, which is choosing one or two segments from the groups you segmented before.
Finally, it’s time to position yourself regarding some of the features and qualities that you have, characteristics of your product and also your pricing.
You can learn more about other mistakes that startups make by watching Sofia’s video [5 Min] below:
Stay tuned for new episodes coming out soon!
Also read: Why do startups fail? | BGI Blog Tips