Steps to Identify Your Target Market
After you have created your mission statement and a strong business model,and have put in long hours and finally finished making that killer product/service,the next step is to identify your market.
Identifying your market means knowing who your target audience is. So regardless of your business idea, As a startup you must ask yourself :
what's the single necessary and sufficient condition for your business?
Which is a paying customer? and this is all related to the "Needs of paying customers"
Location?
How much will they be willing to get?
To get a profitable business, you as the entrepreneur would need to get:
Enough paying customers
Spend enough money; within a relatively short period of time so the business does not run out of capital.
Things to do:
Research your Idea
Know how to determine what fits your skill set - Market segmentation
Identifying your market means knowing who your target audience is. So regardless of your business idea, As a startup you must ask yourself :
what's the single necessary and sufficient condition for your business?
Which is a paying customer? and this is all related to the "Needs of paying customers"
Location?
How much will they be willing to get?
To get a profitable business, you as the entrepreneur would need to get:
Enough paying customers
Spend enough money; within a relatively short period of time so the business does not run out of capital.
Things to do:
Research your Idea
Know how to determine what fits your skill set - Market segmentation
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