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Did you get a better view on your customer?

You have now come to the end of week 2. Congratulations! You realize how customers in different market segments have different needs. This is crucial for developing just the right solution.

Summary: spend your time wisely

You as an entrepreneur may not have the time and resources to address all customers. So you have to make well-founded choices on how to segment your market and which segment to target (first), based on a thorough understanding of customer needs. In doing so, you can use qualitative market research from the Lean Startup toolbox to get a better understanding of the needs of the customers and users in the segment that you want to address. And then target your efforts on the most attractive and feasible target market using a stronger value proposition than current and future competitors might offer. Hand in hand with this goes the process of developing a product or service for that market: if you want to avoid late and costly mistakes, you can use technique of the Minimal Viable Product (MVP). When you apply what you’ve learned to your own venture, you can get a better view on how customers value your idea.

What’s up for next week

Already in weeks 1 and 2, it was implicit that the entrepreneur does not act in isolation. While future customers are a key stakeholder group that you need to take into account very early, there are also other actors that impact the development of your venture. You will learn about who they are, what they contribute, and how you can effectively manage your network. Then, armed with a strong product-market fit and a strong network, you can build a financially sustainable business. Earning models and the financing model help you chart your way.

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This article is from the free online course:

Technology Entrepreneurship: How to Start a New Venture

University of Twente

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