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  • Learn From What You Didn’t Learn Pt. 1 (Slideshow)

    I will always emphasize to Upstart: Business and Management for 20-40 Year Old Professionals members — focus on closing the gap between you and customers.

    I was enjoying Tara Hunt’s slideshow The 10 Mistakes I’ve Made…So You Don’t Have To, where she both painfully and playfully analyzes

    Tara Hunt

    the mistakes she make in her startup, which she and her team later turned into assets.

    There is a problem – there is no problem.

    Fix someone’s dilemma. The basic of any business is that he or she confronts a situation of inconvenience, and your jobs to close that gap – to not only make the issue convenient, but to do so through access and price-points.

    Focus on value

    What is else there: yes, you can have low prices, but that’s a fool’s game, unless you have inventory and leverage to make that work over the long-term. Even in the 99 cents stores, you can’t find anything for 99 cents. It’s value – always value – people will travel and be inconvenienced for products and services they feel make them better, smarter or safer, no matter the price. Also, value customers are loyal – so it’s cheaper to retain them, as opposed to the high-costs of new acquisitions. Lastly, value develops credibility – -and that’s where the money is. There’s no better promotion than peer-to-peer. Pursue value and they will find you.

    Focus on the wrong things

    I will always emphasize to Upstart: Business and Management for 20-40 Year Old Professionals members – – focus on closing the gap between you and customers. Not necessarily more loyalty marketing, but take steps out of the process – anticipate what they need. Create the product or service for them – not for you. Focus on the analytics – find out who your primary, peripheral and waiting customers might be – use your resources for them – and be hyper-targeted doing so.

    Watch Slideshow

    Good luck.

    Calvin Wilson
    Founder and CEO
    Upstart: Business and Management for 20-40 Year Old Professionals
    calvin.wilson1@verizon.net
    http://twitter.com/Upstart__Nation

    Filed Under: Startup/Entrepreneur

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