This blog post is entitled, “3 Secrets of Entrepreneurship”.
Really? Only three?
Well, yes! These are the top three things you must get right if you want to be a successful entrepreneur. They are the three key strategic issues because everything else comes and cascades from these three secrets. All the work you have to do is to ensure you get these three secrets right. I don’t care what kind of a business you own and operate, whether it sells products or services, whether it’s lifestyle or technical, whether it caters to men or women, whether it’s online or bricks and mortar, whether you’re a solopreneur or you do or intend to hire a huge team.
In my career spanning 30 years consulting to small business owners all over the world, I have had the privilege of working with the most successful entrepreneurs. This has allowed me to distil the changes to mind-set that I believe are required to become a highly successful entrepreneur.
This is the third of a 5 part series on the personal changes you need to make to become a highly successful entrepreneur.
The first change is moving from being an expert to leveraging your experience, and the second change is moving from being a master of apprentices to being a coach of a team of masters. If you missed these go to my website at https://teikoh.com and watch the videos on those two changes that you need to become a highly successful entrepreneur.
Don’t miss the fourth and fifth changes to your mind-set that you need to make to become a highly successful entrepreneur. Subscribe to my blog and get parts 4 and 5 sent directly to your inbox by clicking here – https://teikoh.mykajabi.com/p/join-in – and then you won’t miss the free download that comes with part 5 on successful entrepreneurs.
Now, what’s the third change you need to make to become a highly successful entrepreneur?
I just wanted to take some time out and announce new ways for you to keep getting value from my website, teikoh.com
You can register your name and email by clicking here. I promise that I will not give your details to anyone else, I hate spam as much as you do. However in return you will get from me weekly free tips, tools and resources on how to grow your business, sent directly to your inbox to read or watch at your own time.
You can also go to my courses page by clicking here and check out what courses are available to help you grow your business. Most of my online courses are “in real time” workshops so that we work together to start your business, or prepare your marketing plan, or prepare your business plan, or get yourself productive.
If you read anything about marketing, you know the basic philosophy of all marketing is market segmentation.
What’s market segmentation? It’s the way you analyse your market to understand how different groups of potential customers “tick”. Why is it important? So that you can focus your attention on the group or groups of potential customers who are most attracted to your offerings, and find them in the places they gather, whether virtually or physically.
Let’s take an example. Say you sell luxury fashion items. Who is your market? You might say men and women who like to stay fashionable.
Okay that’s great but that’s still a large slice of the wider market – are you sure all of them would be attracted to your offering? If you segmented that market you might be able to come up with at least two segments – men who like to stay fashionable and women who stay fashionable. If you then looked at the characteristics of the first, men who like to stay fashionable, you might find that say as a group their majority age group is between 18 and 25 and they don’t spend their money on fashionable fashion but rather trendy tech. Whereas the group of women are between the ages of 17 and 38, buy fashion, and often buy for fashion their partners. So who’s your better target market?
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