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Business Intelligence
Competition
Entrepreneurs often worry about competition. It is important but often not as important as you moving quickly, iterating and actively making progress day after day. If you are thinking about competitors make a list of who you might think is DIRECTLY competing with your business. Who is indirectly competing against you?The next question is understanding what you are going to do about it? Early on, just being aware is important and as a result you may change your value proposition a bit to even better serve your customer, but don't get into the habit of being 'Me Too' always trying to match your competition feature by feature or function by function.
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Do First
You should complete the following tasks before proceeding to the current one.
Assumptions
As new entrepreneurs we have assumptions about our customer, their problems, how to solve the problems, how to reach the customer, how they buy, when they buy, etc. We often assume that once we create something people will just gravitate to it and exchange money. This is a major flaw of our thinking, but it can be fixed with a technique. A way to understand your assumptions is to brainstorm as many things as you can about your customer, their problems and how they'll use your solution. Sometimes it helps to brainstorm with a partner and in several sessions. You might think of an assumption while out for a walk, or in the car, or washing dishes. Uncovering what you are assuming to be true vs. what you KNOW to be true based on fact and data is critical. You might have 10 or 20 or 73 assumptions. There is no right amount, and you will discover more as you get better.Write them on a sticky note. Keep them short. Example: Customer will use an app, customer will pay with credit card, customer doesn't need post-sale support, etc.Once you've brainstormed take all your assumptions organize according the dimensions of 100% known -> 0% know on the X axis. On the Y axis organize them to 100% . It is critical to understand vs. not critical at all. See the graph in the resource guide so help you better visualize this. The end result should be assumptions all over the board but organized in a way that identifies the riskiest assumptions. These are where you need to put time and focus in order to make your business viable. See the video for a deeper explanation.
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Small Business Marketing 101: Using Email, Social, Video and More
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