“99% of the time, entrepreneurs don’t actually know who their client is.”
Entrepreneurship success rates are still very low.
In one of the many studies of why startups fail, the research company CBInsights found that 42% of over 100 startup founders interviewed said the top reason for failure is the lack of a market need for their product.
There are two reasons for not finding the market need:
Either you didn’t focus on the right customers, or your product definition wasn’t correct.
Do you know who the right customers are for you? Those who are looking to solve your product or service solve’ problem and are ready to buy and use your product?
My podcast guest, Kimberly Maska’s best advice for entrepreneurs, was to really know who your client is.
“This is something that I see when people come to me, she said, probably about 99% of the time. The reason why they can’t get it to work is that they don’t actually know who their client is.”
There are 4 main questions you should ask to find your tribe:
- Who needs your product or service right now and will be the first to buy it?
- Which people are most trying to solve the same problem that your product or service solves?
- Where are the people who need your product or service right now? What would they do in regards to finding a solution?
- Where would they look for solutions that can solve their problem?
We want to discover those who are trying most to solve the same problem your product or service solves.
Often, they aren’t those who suffer most from the problem, as they might be too afraid to take a risk. Find people who are actively looking for a solution.
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