As entrepreneurs it is not enough for us to only create a good product or offer great services. We should be doing these things with a purpose. That purpose being, meeting the need of our customers. These can be our target consumers, or stragglers that are start struck and attracted to what we offer. Regardless of the particulars, as long as our products are well procured the consumers will continue to be drawn to them. Similarly, consumers will be more willing to pay the price. By keeping our eyes open and ears to the ground, we can continue to seize the available opportunities and create innovative products/ services.
Being alert to our surroundings and seeing available opportunities is only part of the equation. It is imperative that once we identify opportunities, we dig deep and learn more about them. This includes researching all components dealing with the product or service. Sometimes this requires going beyond our knowledge of the customer needs, or what competitors are doing. It sometimes requires going farther and learning the intricate ins and outs pertaining to the product or service. This ensures that our best foot is forward during the developing process. Like development, this is not a one-time occurrence, rather it is ongoing. Our final products should always reflect our passion as entrepreneurs and be of great quality. As stated in the reading, “Without R&D, you can’t possibly do your best in creating and marketing your product and service” (Schussler & Karlins, 2010).
As previously stated, the development process is ongoing. In such, we as entrepreneurs should not be the sole source of input throughout this process. We should be open to the feedback from business partners, peers, and even customers. In addition to reviewing analytical data, such as sales, surveys are a great way to do this. Obviously, this should not necessarily be done as soon as the product/service has been launched. Input will be more accurate after the product or service has had time on the market.
Upon launching a product/ service, marketing plays an integral role in the process. Marketing ensures that customers are aware and knowledgeable of the product. Formats of marketing varies by the product. Sometimes entrepreneurs must think outside of the box, especially if the product is something the customer has not seen before. As mentioned by Schussler in the reading, this at times may even require that you must go to a customer if they can’t come to you. Although marketing is serious in nature, we should not limit ourselves. Having fun in the process can fuel our entrepreneurial passion and even attract customers in the process!
Schussler, S., & Karlins, M. (2010). It’s a jungle in there: inspiring lessons, hard-won insights, and other acts of entrepreneurial daring. New York: Sterling.