Who is your customer?
This is the first question that should be asked by anyone wanting to start a business. Who those customers are though can be a tough question to answer. You would be surprised how often the answer comes back as “everyone”. 100% of the time, this is not the case.
Generally, businesses start because they see a need in the market. Businesses enter a market that is either not served, underserved, or the new entrant can offer a better benefit than what their potential customer are getting now. The goal of every business is to acquire profitable, repeatable, and increasing revenue from customers.
When starting a business and doing market research, it is OK to go and talk to potential customers about what their pain points are. Pain points are problems that a customer recognizes is a problem and is willing to pay money to relieve. You may discover that what you thought was a problem isn’t, or a pain point exists that isn’t being relieved by anyone. The majority of times a potential business that does market research ends up doing something different from what they thought and that is perfectly alright!
The Venture Acceleration Program helps businesses who want to better understand who their customer is and secure more profitable, repeatable, revenue increasing customers. It is a customer focused program which any business which is using a new technology, innovation or process can take advantage of. It is also available to businesses that are looking to expand their operations into new markets.
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