Interview an Entrepreneur

This week we had an opportunity to interview an entrepreneur.  This was a great experience for me, and I recommend it to anyone wishing to start their own business.  From this experience I took away several things that I wish to convey here:

The first takeaway from our conversations was the importance of understanding the market.  There's no point going into business if there is no market.  Don't fish where the fish aren't biting.  For me this means doing your homework before you launch any business of any kind.  Find out if there is a market, get the details of that market size, and attack it.

Second, have a financial plan, including start up expenses, and projected financial returns.  Planning a year out, or two, is a good thing.  For me this is essential.  I can't imagine starting a business without any idea of how much you are looking at spending, and how much you can at least expect to get back.  This doesn't mean you will actually get what you have written down, but at least you have a road map to follow.

Third, know your target customer.  Who is it that will likely shop your products or pay for your services?  Once you know who that customer is you can cater to their wants or needs.  By doing this you are more likely to find customers, and more importantly, keep their business longer.

Fourth, have a marketing plan.  Marketing doesn't mean you have to spend millions of dollars (figuratively speaking of course) on Superbowl ads, but you need some plan as to how you will reach your customers.  Knowing your target customer can help with this, by arming you with the information you need to cater specifically to those you are trying to reach.  

Finally, customer service is key.  Going out of your way to wow the customer will help retain your customers, and acquire new ones.  Go above and beyond the customer's expectations.  Not only will this impress the customer, they are more likely to tell their friends about the awesome new service they found.  Imagine how you would feel if the manager at Walmart for instance, asked you how your shopping experience was going that day, and then offered to buy you a steak dinner.  He takes you over to the fresh meat department, you pick out your favorite cut.  Then he throws in a bunch of asparagus and corn in your basket, all on the house!  Holy cow, that would be incredible (did it last week, I know)!  Will your impression of Walmart change after that experience, will you be likely to tell someone about it?  You better believe it, and your customer satisfaction will go through the roof if you keep it up!  Always wow the customer.