The chicken and the egg paradox
There are only two things you need to start a new business:
A product; and
There’s no proven marketing or business theory on which one comes first. A bit like the chicken and the egg paradox with its indefinite causal order.
It goes like this - Without a product, you will have no buyers and without any buyers … well, you'll have a garage full of products and nowhere to park your Benz. And no one wants that ☹️.
From my experience, let me help you out here by stating this question: do you create the product (even a minimal viable product) and then try to sell it or do you find customers and then create a product or service specifically for them?
If you’re the gambling kind (entrepreneurs tolerate risk), then you’re most likely to create the minimal viable product first.
"Build a better mousetrap, and the world will beat a path to your door." Ralph Waldo Emerson
If you’re the risk-averse kind, then find the buyers first.
I can pretty much guarantee that you’re here reading this because you have an idea for a business and/or you’re sick and tired of the way things are for you, and entrepreneurship is a good bet for the future.
My #1 tip: Talk with as many people as possible about your business idea. Talk with at least 100 people. Be selective. Don’t ask your mum because of course, she will buy your product. She’s your mum!! Ask people who are your target market. If they say ‘yes’, ask them why and how much they would pay and then create the minimal viable product and do the whole process again and keep repeating the market research until your minimal viable product is an actual product and you have the buyers .... ready lined up, and hopefully not at your garage door.
Because here's the thing …. and it's a real thing. At the heart of marketing strategy, your primary role, as an entrepreneur, is to devise products/services that satisfy the unmet needs and wants of your identified target market. That's it.
Do you want to learn more about marketing (without the heavy theory)?
If so > Click here so you don't end up stuck with holding a basket full of eggs. No one wants that.