The secret of the success of the venture: sale? Reduce risk?

Source: Internet
Author: User

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Want to know what is the secret of success in entrepreneurship? Before I tell you the answer, let me introduce myself. I often come up with a lot of new business ideas, some are good, some are bad, but most of these ideas are fruitless. Because I forgot to write them down, I often forget the idea on the second day. Of course, there are some ideas I can write on my favorite old yellow notes, but also often because the handwriting is too sloppy to see the original intention. It's hard to change old habits.

Usually, I turn the idea into a real business. Based on energy saving ideas, I co-founded my first company, a hot-window manufacturing company, when I was only 26 years old. Despite all the difficulties in the entrepreneurial process, we persuaded a small local bank to lend us a loan to buy equipment and stock. Despite the difficult start, we succeeded and sold the company 7 years later. Over the years, I've been repeating this cycle, shuttling through several different industries in different ways: radio (bad Ideas), technology (good Ideas), insurance (bad ideas), marketing (good ideas), market research (good ideas). And when you try a few more startups, you'll find that your success rate is only 33%. I'll leave this to you to verify.

The real secret.

In the past, when someone asked me what the secret of my entrepreneurial success was, I was accustomed to the answer to how to sell. But then there was a time when the crazy business cycle was being repeated, and the answer I gave was how to reduce the risk. But when I look at it now, these answers are wrong. Admittedly these are necessary for entrepreneurial success, but the real secret is to listen to the needs of the users, rather than their "imagined needs."

In the past few years, I have done research, interviewed and observed nearly 100,000 customers. In the course of this interview, I've come to realize that when many companies think their company is in control, that's actually far from it. I started to think of these strong customers as "customer CEOs" because they can point out which companies are really able to meet the needs of their customers. Now, I have written a book about "customer CEO" to change business: "How to turn customer power into profit". In my research, I've found that cash customers have 9 power. This book explains the 9 strengths of this customer and how each enterprise successfully attracts customers.

Today, with the free flow of information, users are now in control. The development of technology means that companies can no longer control the information that customers know. Now, nothing can be a secret. Know that your client is always a roller coaster. One minute you may still be surrounded by your "loyal" customers, but just as you are unconscious, they have already turned to other competitors. You also need to know that users are competitive, cautious, complex, messy, crazy and mean. And you'll find that there's a growing emergence of upstart companies, which means commercialization, price wars and your interests are shrinking. This is not only chaos but also challenging, because the rules have long changed. Before your competitors are competitive, you have to learn to use the power of your users to drive your work.

Many CEOs and corporate owners say they don't know how to meet the needs of their current users. They are frank, now the user has been changing, but their own enterprises do not know how to cooperate with the user's footsteps to make corresponding changes. So now most of them are doing nothing and fantasizing about going back to the old days, but sadly, "hope" is not a shortcut to success.

Here are 4 ways to quickly understand your users:

1 Understanding and comprehension

In its literal sense, you must first become an executive who listens and understands customers. In addition, there are no other things that can help you understand this saturated and changing market.

2 listen to each user's ideas

To be clear, it's not just you listening to your customers every day, it's also a chance to be in front of your competitors, a sense of crisis, and maybe now, some of your competitors are listening to your customers, in order to have the opportunity to surpass you.

3 Stop looking for answers from big data.

Big Data isn't a panacea, it's just an image of people's behavior. Most startups, large or small, cannot effectively handle the data flooding their servers in Shanghai. Use large data sparingly because it does not explain people's behavior very well.

4 Insight

If you ask the right person, you will be shocked by your misunderstanding. In a dynamic market, the user's attitudes and needs are constantly changing. The only thing you can do is to keep an intimate relationship with your users, to gain insight into the root cause of these changes.

conclusion, you now finally know the secret of success that you have always wanted to know. And all you have to do is listen to your clients. (Compile/Hiroshi) Via:under30ceo

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