How not to lose your business? 6 simple tips

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Many enthusiastic entrepreneurs seek to promote as many features as possible of goods and services, believing that the more features, the more attractive will be the product or service to consumers. B fact an excessive amount of features will make your product confusing and uncomfortable.

The ability to concentrate is an art, when the entrepreneur is limited to only the key functions that are really important for most consumers.

YouTube is focused on videos, Instagram – pictures, a Amazon – on books. Quite often, entrepreneurs are trying to use all the possible functions and combine them into one new platform, but it's not working.

There are many reasons why startups whose owners are not able to concentrate on one thing, mostly struggling to survive in the market, but subsequently lose their positions in the market, lose investors and eventually fail and leave the market. Here are the main:

1. Time to bring the product to market is closely linked with the size of the proposed range.

In many areas of business today the market is changing every 90 days. At the current low cost of entering the market you will quickly appear more agile competitors and occupy a more favorable position, away from you customers. No startup can quickly apply a wide enough strategy to beat all of its competitors in the market.

1. A wide range requires too much infrastructure.

Quite difficult to find more money, but it's even harder to build an effective numerous processes. Every aspect of your product requires development, testing, manufacturing, marketing and sales. The probability of failure grows exponentially depending on the number of characteristics of the goods.

1. Born to crawl can not fly?

Every successful startup has changed the activity several times, as entrepreneurs delve into what the market needs. Did you know that YouTube and Facebook began as a Dating site?

1. Continuous market leadership requires constant updates.

The initial time and monetary costs is only the beginning. You need a constant renewal of all elements of your products to maintain its position in the market. B otherwise competitors will quickly pass you.

1. To bring to market a product with too many functions – it is suicide.

It is almost impossible to create the memorable slogan, which would be more than three main characteristics. The more you try to talk about the breadth and depth of your product, the more people just do not understand what you wanted to say, and go to your competitor who tells them about their personal benefit.

1. Your personal resources are rapidly being depleted.

If your solution has too many elements, even you yourself are unable to allocate a priority element, a team that works hard and gets tired, loses motivation and is not very efficient. Beginners in the market should take care not to act too quickly before you reach success.

At the same time, the concentration at the wrong moments as destructive and unproductive. However, in some areas the concentration on some properties of the product is not the most important element.

Probably here it is better to make emphasis on a particular distribution channel, to improve work with clients or on the simplified system of pricing.

In all cases, the more important is the recruitment of more experienced staff, than add your products new properties.

The main strategy

Thus, the main point that you need to pay attention to entrepreneurs is the strategy. The strategy should be simple, it must be recorded and regularly remind staff.

Simple test: how fast do you call the three main priorities and how fast each member of your team can also call them. If you have too many elements of the strategy, it creates too large amounts of work, but the results are much lower than expected.

In addition, it is also important to focus on how to emphasize strength and to celebrate success.

Only by focusing on the key elements of the market, products, business and human resources, you can be a winner in the market. Bigger is not always better – this is important to remember budding entrepreneurs when making decisions. The only way you can change the world.