What is the business you currently run or are launching? What is your understanding of the market needs, the solution you offer, your business model & how you make it a viable biz. Every business is built to meet a need or solve a problem in the market.  A clear understanding of the market need is a foundational need for a business.  Companies with a technology seeking a problem are examples of the opposite.  The solution that your business offers, in the form of a product or service as well as a clear understanding of how the solutions will be delivered to the market and where in the process your business will make money, how much and from whom is the business model.  All of these are captured in a business plan which is generally required to run a business and obtain capital and support.

How to Price Your Product or Service

If you’re an early-stage founder and you’re not charging for money for a product that you intend to eventually charge money for, you should start doing it, now. That’s because the best way to tell whether you’ll be able to charge money tomorrow is to see if you can successfully charge money today. If early customers refuse to pay for your product then you have a strong signal that you need to change something with your approach. Many founders avoid this at first because it’s uncomfortable and because it’s a big hairy problem. It’s so abstract that it’s partly philosophical.

7 Reasons Why Most Entrepreneurs Fail in Business

Entrepreneurship is a way of life that offers unlimited possibilities to those who truly believe in it and live by it. But at the same time, entrepreneurship is a way of life that can totally alter the course of your life if misunderstood.

Riches Are In the Niches

When I ask business owners who their target market is, many tend to respond with “everyone”. The translation is no one.  In their zeal to acquire as many customers as possible, many business owners try to serve the widest market possible.  This is a huge mistake.