Thursday, April 4, 2013

Is this the #1 mistake entrepreneurs make?

According to veteran entrepreneur Michael Lazerow, the #1 mistake entrepreneurs make is lacking focus. Having worked with a number of tech start-ups I would like to put Failure to Structure and Implement an Effective Sales & Marketing Strategy at the top of my list. You see without an effective sales strategy, when sales are slow the "techies" tend to looking inwards at the product, instead of outwards at the customer. Its almost as if they believe that adding new features to the new product will automatically increase sales. For new products, first potential customers need to find out that it exists, secondly find out what it does, then understand how it could work for them, before they even think of buying it. These are the things that will be addressed by an effective S&M strategy, so techie-led businesses especially, need to get that aspect right first instead of spending hundreds of man-hours re-jigging the product to cater for every whimsical need expressed by the first few customers they made their pitch to.

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