The idea of starting a business has become a fixture in the public subconscious. Look no further than every other YouTube ad of a happy couple traipsing through a rainforest while claiming that dumping their 9-to-5 and painlessly funding their nomad existence was as simple as saying “yes.” In reality, as one may soon discover upon attempting to replicate such a scheme, entrepreneurship has its own hurdles. But is there a (non-affiliated) secret that sets the seemingly lucky few apart from the starry-eyed masses?
In an ever-globalizing world, one component that can sometimes go overlooked when producing content is culture – more specifically, the producer’s personal connection (or lack thereof) to the culture of their genre or format. This is important for two reasons: 1) it enables authenticity, and 2) it sustains your interest in and passion for what you are producing.
Another often-overlooked detail is knowing your target audience. “Know who your buyer is,” says Jetmir. Get into their mind. Understand what makes them tick. Be interested in what interests them. This goes beyond just guessing what keywords they might type into the search bar; rather, the complexity of humans requires a continual process of discovery – especially when it comes to convincing them to spend money.
Knowing your buyer plays a direct role in your advertising potential. Jetmir suggests targeting major markets right from the start since the prerequisite for national marketing is hitting 70% of the market (although 39% is the limit in the United States, according to the FCC). Despite this harsh reality, however, Jetmir says, “You can always count on finding an audience, no matter how small.”
When the floodgates to opportunities, information, and gigs are buttons on a screen, it’s increasingly important to know when to say “no.” This is crucial for entrepreneurs, for whom time is the ultimate commodity. “You have to know when you’re wasting your time,” says Jetmir. Successful entrepreneurs are bold and decisive. They are like expert wine tasters; they know the precise taste or nuance they are looking for, are quick to detect fraud, and will swiftly and shamelessly decline whatever falls short of their standard.
While there is no official blueprint for navigating the jungle of entrepreneurship, these three tips – feeling your format, knowing your buyer, and cutting your losses – will help you cut through the trees. To learn more about startup valuations visitVeristrat.