I love the passion of small businesses. That passion, if informed and guided by the right principles has a real shot at success.
While this is important I’ve also joined a movement of sorts that I understand started from an employee meeting at Microsoft. That movement in a phrase – Lose the B-School words. I learned a lot in business schools and can rattle off phrases and vocabulary that is impressive but usually leaves people with more questions than answers. So straight talk it is.
Theodore Levitt said
The purpose of a business is to create and keep a customer. To do that you have to produce and deliver goods and services that people want and value at prices and under conditions that are reasonably attractive relative to those offered by others to a proportion of customers large enough to make those prices and conditions possible.
Here is my recommendation for small business start ups looking to really build their knowledge and marketing process:
- Understand then articulate the value of your product.
- Define your potential customer, and the size of your market.
- Grow your knowledge of the whole market and competitors.
- Figure out what makes you different and better
- Learn the best ways to communicate with your market and use them.
Thoughts?