![]() ![]() Steve: Well, who your competition is will define.and in part, define your chances of success. So talk a little bit about what the importance of conducting market research is. The next thing that we have on our list that a lot of people don't think of, I feel like, is conducting market research and competitive research. Conducting Market and Competitive ResearchĪll right. And just make sure that you think it's something that you'll be able to keep up with in the next five years. So sounds like basically, you need to define your business, what you're selling, who you're selling to. The business is you, and without you, there is no business. You have to be in place in your business all the time. Steve: Another important thing is you're always present. Just making sure that we're giving people what they want and what they need. So just to be flexible and be open to that. And knowing that your idea, even though you feel like it's defined now, will pivot and change throughout the course of your business launching. Because it takes a little while to get something off the ground.Īnother concept also to consider is just the idea of being flexible. And you don't have to love it every day, but it is something that you need to have an interest in, too. Some other things that you can kind of expand off of with that is, "Is this something that I still want to be doing in five years?" This is a huge commitment that you're making when starting a business. We also ask our clients a similar round of questions. So what are you selling? The second question is, "Who are you selling it to?" Who are your customer segments? And the third important thing is, "Why should they buy from you?" Those are the three things I always start a discussion with in terms of the business to get their ideas focused and define those three things that they have to deal with. But you're selling things including your brand. ![]() The first one is, "What are you selling"? It's not just a tangible portion of what you're selling. Steve: I always tell my clients there are three or four questions you always have to answer. ![]() Steve, why don't you take the first question? "What are the top three things you need to consider when you're first defining your business idea?" So at the end of the chat, if you could just take a few minutes to take that survey, it'll help us continue to improve these fireside chats. And you'll also see a purple button that has a survey. You can find their logos down at the bottom of the page. We do want to say thanks to our sponsors that help us with this chat. There is an e-mail submit box on this page, and you can also tweet at us with the #FRSDChat for all your questions. We'll dedicate 15 minutes at the end of the chat for questions, so please feel free to ask them. So just a few more things before we start. They're located further down on the page. We'll also have social media correspondents that will be live-tweeting on Twitter using the #FRSDChat, so you can follow along with them as well. But if you want to learn more about our panelists, their bios are further down on this landing page, you can check those out. ![]() Steve Feinman, District Director of SCORE, District 515, and Lisa Coots-Schooley, the owner of Splurge Boutique was on our bill today, but unfortunately, she had an emergency, so she won't be joining us. We have Shannon Ware, owner of The Collective. So I'm going to take a minute to introduce our panelists. Whether you're in the planning stages of a new venture or you just have an idea and don't know where to start, our panelists will cover things to help you today. So today, our panelists will discuss a bunch of topics, including types of businesses to pursue, how to go about your competitor research, securing funding, and a lot more. So why are we talking about this today? We're talking about building a business idea because a lot of people have ideas, but they're really just not sure if they're going to work. Our chat is creating a business idea that will make you money. I'm the Social Media and Community Specialist here at Grasshopper, and I'll be your host today. Mary: Good afternoon, everyone, and welcome to another Fireside Chat hosted by Grasshopper Academy.
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