Before You Start Up: How to Prepare to Make Your Startup Dream a Reality by Pankaj Goyal

Author:Pankaj Goyal [Goyal , Pankaj]
Language: eng
Format: epub
Publisher: Fingerprint! Publishing
Published: 2018-03-10T20:00:00+00:00

•Females aged 25-35 years

•Working in IT companies in Mumbai

•Earning high disposable income

•Wear western business attire regularly

Now that you have a profile, start identifying people with this profile. Look at your social circle—friends, colleagues, and acquaintances.

Once you identify these people, talk to them and validate the hypothesis created in your problem statement. Do they face the problem you are trying to solve? If yes, what are the reasons? What motivates them? What is their social and professional behaviour? How do they buy? What do they like and dislike?

For instance, in our clothing line example, understand what motivates your target set of women. What do they expect from western attire? Where do they buy? What do they value? Is it quality, convenience, style, fit, or price?

Do not collect this information via surveys, as people do not think hard enough while responding. Talk to your target customers face-to-face or over the phone. As you gather more information, keep refining the problem statement—make it precise and be as specific as possible. Fine-tune your product or service to serve these 100 customers in the best possible way.

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