Showing posts with label self employment. Show all posts
Showing posts with label self employment. Show all posts

Saturday, 7 September 2013

Why Richard Branson Threw Out the Rule Book (and you should too)


Following on from my last Blog "Risk" seems you also have to have a measure of Luck
By Hans Balmaeker
Richard Branson Intrapreneurship

“Many millions of people proudly claim the title ‘entrepreneur.’ On the other hand, a title that hasn't gotten nearly the amount of attention it deserves is entrepreneur’s little brother, ‘intrapreneur’”
Success in business can be the result of great visions and thoughtful strategies, but Richard Branson has revealed that the success of Virgin is, at least in part, owed to a stroke of luck. Before Virgin Mobile had taken off, and while the Galactic project was only a twinkle in Branson’s eye, Virgin Travel provided an experience that would come to guide the entire brand’s business ethos.
By hiring an ambitious young designer, Joe Ferry, for an open-ended design project, Branson unwittingly realized the potential of ‘Intrapreneurship’. The intrapreneur, or entrepreneur in residence, is given the run of a company’s resources without the constraints of protocol and routine. This freedom can result in the kind of left-of-field ideas which inspire both cultural change and amazing business opportunity.
The success of this experiment was huge and as a result, Branson has incorporated Ferry’s intrapreneurial role into the infrastructure of the ever expanding Virgin brand. He has, in fact, credited intrapreneurship as the essential element of his success:
“Virgin could never have grown into the group of more than 200 companies it is now, were it not for a steady stream of intrapreneurs who looked for and developed opportunities, often leading efforts that went against the grain.”
Since then, Branson has been calling for a complete reassessment of how his, and other, business’ are run. He suggests that if management were to actively encourage intrapreneurship across the board then employees would have the freedom necessary to truly invest in their work.
Some other well-known companies have also embraced this thinking. They adopted policies enabling employees to play and tinker for up to 20% of their time, leading to some great new and successful products.
Would you like that freedom – the ability to act as if it were your own business? That feeling of being so much engaged in your work, that time slows down and everything seems to be going exactly right? How is that compared to your current corporate life – isn't there a big gap for most of us? 
As students, with no real understanding of the corporate world, most of us had big ideas, dreams and visions. We thought about how when we entered that world we would make a difference, how our generation would be leaders of change. Three years later, we are dragging ourselves out of bed and into work, and hoping to win the lottery so that we can have an early retirement. When you start intrapreneuring, you will do meaningful work, grow your impact and boost your career. It will ignite that spark again.
The intrapreneurial road isn't the most obvious one and for sure not the easiest. In fact, while entrepreneurs have the luxury of setting the course on their own, as an intrapreneur, you are part of a running business, which requires you to stay connected to and aligned with the influencers and decision makers in your organization.
As many impactful intrapreneurs have shared, the key to their success has been that they were able to combine their entrepreneurial thinking and mindset with some corporate-savviness. Above all, it’s not something just available for Richard Branson and the likes – it’s possible for all of us, you and me. It requires the decision to start and the commitment to succeed, which all of you at this blog have, right?
For young professionals looking to do more meaningful work, have a bigger impact and boost their careers, I suggest you follow Richard Branson advice: start intrapreneuring! If you’re not sure where to start and how to do it, have a look at our upcoming course. It might just be your ticket to corporate freedom.

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Monday, 1 July 2013

Build Your Small Business Brand by Avoiding These 5 Common Pitfalls


Some Great Advice from Meaghan McClellen


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Every business starts out with the hope of a bright future, but some companies just can’t build a solid reputation or overcome obstacles as they climb the ladder.
Building your company’s image, or branding, is as essential as the products or services you actually provide, and you’ll want to steer clear of these common mistakes.

 Build-Small-Business-Brand

Common Pitfalls of Branding


Offending Consumers

Crass humor, stereotyping and patronizing customers is rarely an effective branding method, but accidental offense is also avoidable. A diverse company and marketing team is one way to make sure you won’t step on any toes. In fact, if you can locate the consumers that the competition offends, you might find yourself a profitable niche.

Being Too Rigid

CEO of GoDaddy, the Web hosting and domain company, Bob Parsons, is a creative leader. Not only is he the one who came up with the idea of GoDaddy girls, but businessman Bob Parsons explained his advertising strategy in an interview with Inc Magazine, in which he said there was no real advertising budget. Bob Parsons simply open to opportunities, even ones that pop up at the last minute. Allowing yourself to roll with the punches is necessary. Others will want to work with you when you develop a reputation as flexible.

Poor Name Choice

Choosing the right name for your company comes before Web sites, marketing campaigns and printed materials. For many, their own name also represents the business. You may play on words or use industry ideals. Whatever your name, it must represent your company. Changing names at a later date is confusing and costly. Because you’ll use your company name in so many places, consider the following:
    Creating-Company-Name
  • Is it too long or short?
  • Is it difficult to spell?
  • Is it overly common like “John Smith”?
  • Can you use it as a domain name? Who Represents might be a good business name but “whorepresents.com” is slightly less than ideal.
Test out your company name with friends, family and associates before you print it on your business cards.

Broken Promises

While your company might not be running to become President of the United States, you can learn something from the oversized branding that presidential hopefuls, and even winners, participate in. Political campaigns like Obama’s in 2008 involved a lot of big ideas, promises and hope. It was certainly the idea of “Yes we can” that helped to get Obama into the Oval Office, but then reality hit. Obama wasn't able to make every promise into a reality. Partisan arguing has led to a less effective socialized medicine law, for example, that still has some conservatives upset. Even when you do make good on your word, people will have something negative to say, so it’s best to only make promises that you can fulfill from the start.

Startup MistakesLack of Passion

What is causing your customers’ unhappiness? What issue can you solve for them? Once you answer those questions, advertising and branding falls right in place. The things that worry consumers and pull at their heart strings often encourage them to open their wallets, but if you lack emotion, you’ll miss this opportunity instead of empowering consumers. Furthermore, everyone wants to feel as though they’re talking to a real, live human being and not a computer. This is where showing emotion helps you stand out from the crowd.
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Sunday, 2 June 2013

How Thinking Positive Thoughts Attracts Success


You know yourself if you think positively, positive things happen around you. The secret is staying positive "sometimes difficult" But keep a Positive mindset must be beneficial to body & soul 


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Think Positive Thoughts and attract positive things. What does it take to find real success in life? What is a positive attitude?How thinking positive thoughts attracts success
For most people finding success is difficult. There’s one KEY that can bring success to your front door and that’s the power of positive thinking.  But it’s not all about upbeat thoughts and a rosey outlook. It’s a mixture of thoughts, beliefs and attitudes that brews up the most amazing mindset to magnetise whatever you want in life.
You’ll be amazed how thinking positive thoughts positively improves your life. Let’s try it now. I want you to think something negative. Anything negative. Hold it in your mind. Keep the negative thought in your mind for two minutes. Dwell deeply on that negative thought. That’s good. That’s really good. Now tell me, how do you feel in your body? Many times negative thoughts create stress and anxiety within our bodies. Your jaw clenches and your stomach muscle become tight. Or you could feel nauseous, get a headache or just feel absolutely miserable, sad, angry, and so on.
Now, let’s flick those thoughts as you would a light switch. Imagine the negative thought and then change it to something positive. Thinking positive thoughts. Creating a positive attitude. Hold that positive mindset for a few minutes. Thinking about all the different layers of that thought pattern that make you happy. Does it make you smile and feel lighter? Do you feel happier? A positive mindset makes you feel good.
Think about it. You feel good thinking positive thoughts. How do you think others will feel around you when you feel happy and satisfied? And if you build on that positive feeling you start to magnetise what you desire…… and in this positive mindset you have the power to create your dreams and goals… to create what you want to be successful in life.
Why You Need to be Positive
Climbing the ladder to success has a lot of pitfalls and setbacks. It’s a huge challenge to go from nothing to real success, but it can be done.  To be successful you must be very focused and determined to reach your dreams and goals. For instance, if you want to own a business and work for yourself you would need the motivation to do some inner journey work to discover what sort of business would suit your personality and values, align your thoughts, beliefs and attitudes towards your overall goal and create a positive mindset of success. And then you would be eager and ready to do some outer work to expand your knowledge of business regulations, licences, expenses and so on is needed to start-up your specific business. You need to be focused on every step along the way.
If you look at successful people in business they all work very hard at what they do. They are focused and don’t back down. If they come up to a brick wall, stumbling block or something that’s stopping them from being successful they figure a way around it by asking colleagues, taking a course, doing their own research, and so on. They don’t stop until they are running a successful business.

To create success you must be focused, but you must also have a positive mindset because this is the only way to get beyond the challenges that come up.  For example, if you make a bad business deal what good does it do to dwell on this deal for months on end?  What is a positive attitude going to do for you in this instance? You need to accept that you made a mistake and you have to move past the mistake to push your business forward. Thinking positive thoughts. If you were to think negatively and fold your business you would be making a huge mistake based upon negative emotions.

If you were to learn from your mistake and pinpoint exactly what went wrong you could learn from the mistake and turn it into a positive learning experience. No one is going to be perfect and we all make mistakes in our life, but this is how we grow. If you dwell on mistakes then you surround yourself with negative energy and you will have a difficult time pushing and struggling towards success. The power of positive thinking changes your overall energy, focus, motivation and you gain the ability to think ‘outside the box’ and seek new possibilities and opportunities.
Being Positive Will Open Doors
When you are positive and feel energetic and passionate you will find many doors of opportunity opening up for you. Suppose you were positive and full of energy at work. Your boss would see this and you might get promoted or be given a special assignment. People want to be around positive, energetic people and when you are this way it can pay off in a big way. Focus on the positive things, remain focused and motivated towards your overall goal in life and you will find doors opening up for you.
Success is Attracted to You
If you can focus all your energies in a positive light you will magnetise positive events, situations and people to you.  Surround yourself with people who support, respect, understand and appreciate you.
Thinking positive thoughts definitely attracts success to you. The way you think and act has a big influence on the success you can find in life. When you say “I will succeed“  you will, but if you focus on the “I never will” then you are going to struggle. Can you imagine thinking to yourself “Change is difficult, it’s nearly impossible” and then actually trying to generate the change you desire. NO. It doesn’t work that way. Change your thoughts so they align to what you want in life. If you want change make sure your thoughts are focused on “Change is easy for me” or something similar.  You need to put a positive spin on everything you do because being positive magnetises success right to you. That’s the power of positive thinking. And that’s how a positive mindset attracts success.


Monday, 27 May 2013

Be a Social Media Futurist


Why Conan O’Brien Is A Social Media Futurist



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The future is something that frightens some people and excites others.

Why Conan O'Brien Is A Social Media Futurist
Some people wake up every morning with dread and others leap out of bed excited to face the day and all it holds. Some industries are growing and others are are in decline. 
The only thing we are sure of is change itself.
Different groups embrace the challenge, others run or hide. The media industry is in upheaval as media rich blogs like Huffington Post receive 35  million visitors a month, while 24 of the 25 top newspapers are in decline.
Mainstream television has its own challenges and Conan O'Brien has a funny two minute song on YouTube, titled “We’ve Got Trouble” that sums up the state of the traditional media and what is happening in media.

The trends in mass media revenue model are not a pretty picture. The Ad spends for the 3 major traditional media are in serious downward trajectories.

  • Print Media down 26%
  • Radio down 9%
  • Television down 39%

The current trends and the future of Media

Ben Parr in his weekly column on Mashable mentions what the web of tomorrow will look like  and the 4 big trends to follow in the near future.

1. The Web Will  Be Accessible Anywhere
Wireless makes it so easy to connect as we walk in out of our homes and offices, you don’t need to do anything except open the laptop or tap your iPhone

2. Web Access Will Not Focus Around The Computer
The embedding of internet everywhere is a reality with the recent announcements  of Google TV and the launch of the Apple iPad  continuing to enhance  and enable internet access that is pervasive and seamless. The growing use of smart phones like the iPhone and the Android is driving our web experience into the palm of hand.

3. The Web Will Be Media Centric
Blogs and web content are moving from being text focused to media rich with embedding of YouTube Videos and social games becoming a normal part of the web experience

4. Social Media Will Be The Web’s Largest Component
Time spent on social media sites has grown over 250% in 2 years. Nielsen stats show that social media usage has increased by 82% in the last year, an astronomical rise.Facebook , Twitter, YouTube, blogs, and social interaction are becoming the focus of our online interactions, even more than search.
The 4 Internet trends and the Rise of Social Media
The collective conciousness of humans is moving online and if companies and brands want to influence their customers they need to be there too.
Is your company moving online into the spaces and segments where your customers are?


Friday, 10 May 2013

10 Social Media Personas – Understanding Personality and Communication



You need to keep an open mind with everyone you meet - Treat with Respect 


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career, I have come across many different types of people, wit
Some just run around business events and talk to everybody, others wait until other people start a conversation, some need to hold talks to have something to say, some have such an intriguing personality that they attract others just by being there… There are many different personalities and you will meet them all in your social media activities.
People are individuals and all behave individually, but once you have identified the basic personalities and their communicative habits, you can act accordingly. Here are some tips how to identify and connect to the basic characters in social media.

#1. The Shy

These people usually do not start a conversation, but wait until someone talks to them. In Social Media shyness is a problem, as you are fairly invisible if you do not take part in any conversation. The shy do not usually get in contact on their own account. To gain anything, they have to provide some reason for other people to notice them and to get in touch.
In offline networking, you can at least see the shy ones lurking in a corner (or so their stereotype would suggest). In online life, these people are harder to find. If they do not publish or communicate, the only chance you have got is stumbling across their profile. Hopefully, some of the keywords in these people’s resumes will match your search.
Takeaway: Be open to communication with The Shy, but do not waste energy to hunt them down. They will learn to come to you (and others) if they want to survive in social media.

#2. The Politician

The Politician jumps on every opportunity to communicate and interact. He or she comments on everything, to everyone, and gets in the mix in various heated and/or popular discussions – all while keeping his or her goals in mind. The Politician publishes great content, with the mission to engage and convert.
In social media, the politician has a large stage and seeks to reap the benefits from his or her widespread audience.
Takeaway: You will have an easy time finding the politician and connecting to him or her, as communication is the means to his or her survival. Followers of the politician should be aware – the author has a purpose and has produced content accordingly. You might have a harder time getting the attention of the ever-active Politician or nailing them to a deal, so make sure he or she sees the advantage in your offer to interact.

 #3. The Self-Promoter

The Self-Promoter takes part in social media communication and discussions solely with his or her own purpose in mind. Unlike The Politician, the Self-Promoter is not looking to have a dialogue; he or she is looking for a microphone. The Self-Promoter usually begins “conversations” with information about his products or services. After seconds usually gets his pitch out and asks you to buy something. No matter what the original discussion was about, the second sentence in his answer will always be about his own products or services.
Takeaway: The Self-Promoter will (most often) find you. The problem may be to avoid their incessant reminders or to get any useful information from them. If you want to interact with The Self-Promoter, be ready to listen and buy (as you will have a hard time being heard). Be careful not to write them off too quickly – The Self-Promoter might just promote something that is useful to you.

#4. The Helpful

The Helpful is always there to provide strong answers and positive feedback. They provide insightful information in their content, for which reason they are nice follow on Twitter. You will probably gain much knowledge and many useful links from their tweets. Nice to connect to, The Helpful is always willing to step in with answers and recommendations.
Takeaway: The Helpful is the ideal social media connection. You gain a lot from their knowledge and willingness to share. If you ever need their services, you will probably go to them with a good feeling and trust in their willingness to serve you without the fear of being used. If you have something to offer, the helpful will probably even be willing to help you get relevant connections interested in your service.

 #5. The Nagger

No matter what you post, The Nagger will find a way to point out your flaw (“It’s: too long, too basic, the wrong forum, the wrong time of day, too much information, too little information, I read about that yesterday, you posted somewhere else, too.”) From The Nagger, you can expect any kind of creative, negative comment without any real substance.
Takeaway: You will probably not seriously connect or engage in business with The Nagger. The Nagger is not an ideal business partner, as they will detect small problems with: your products, your services, your behavior, your money, your country – or whatever else they can find.

#6. The Direct

The Direct has a clear goal in mind: to obtain your contact information. There is little or no small talk with The Direct, as they will ask what you are up to and proceed to tell what they have to offer.
Takeaway: The Direct will target you if they believe they can gain something from your contact information. If you have a product or service that needs explaining, The Direct will (most likely) not listen long enough to engage. Keep your message to The Direct straight, to the point, and practice your pitch.

#7. The Entertainer


The Entertainer uses social media as a stage. Unlike the Self-Promoter or Politician, The Entertainer manages to add enough sympathy and entertainment to attract a following within the community.
Takeaway: Do not regard comments from The Entertainer too seriously; be open to their humor. Understand that while they may be eager to connect, it is not always simple to engage in conversation. Enjoy their feeds, but understand their motivations before business engagement.

#8. The Storyteller

The Storyteller is never shy of a good story: they produce great content, great narratives, and posses a sense of humility and openness Storytellers come in the form of content marketers and everyday users who have the knack for attracting audiences through their storytelling abilities. The Storyteller boasts a lot of ‘likes’ and comments.
Takeaway: Be sure to understand with which type of Storyteller you are engaging. Are they in it for the story itself, or do their stories relate to your business? While The Storyteller may teach you valuable lessons and entertain you, it may be difficult to divert The Storyteller from their own stories and get them to listen to your own.

 #9. The Friend

The Friend does not take part in social media with business in his mind. The Friend likes to communicate, talk, share and connect solely for the purpose of social interaction.
Takeaway: If The Friend is actually your friend – let the relationship be. However, if The Friend shows signs that their professional life relates to your business and is the friend of a friend or an acquaintance you discover – see if there is a way to engage on a business level. Once you figure out their professional motivations – and there is a match – working with them could be great fun.

#10. The Comedian

The Comedian is always after the laugh, even though his posts might not always be that funny. The mission of The Comedian is to be witty or inspire humorous interaction, even if they miss the point.
Takeaway: Be prepared to laugh and be entertained (or at least poked), but do not expect much more from them – especially on a professional level.

 Conclusion

There is not only one character sleeping in each of us, as our different parts intermingle. No matter which personality you claim as your own (it could even change depending on mood, life experience, stress level), you will have to deal with different characters in social media. Do not expect people to act and react in the way you would and you will avoid feeling any type of offense. Be open to these varying types of personal behaviors and remember that each have motivations, just like any other.
Accepting different personalities as part of the game will help you enjoy the social media ride.


Saturday, 4 May 2013

Running a Contest on Facebook Successfully and Legally

Interesting idea to gain more "Likes" its all about traffic folks - But play by rules or there are consequences



Run A Contest On Facebook


1. Get you acquainted with how to market your product or service on Facebook.
2. Get you saddled up and set out on the road to Facebook marketing success!

Before We Begincontest-on-facebook

Disclaimer: Sorry guys, but I have to say this, just so that we’re all clear. I’m not a lawyer. None of my employees are.
To the best of my knowledge, John Paul isn’t either.

Neither my company (Garraty Group) nor our blog (SmBizBlog.com), nor this blog are in any way providing legal advice or service.
Point is, this post is designed to help you, but it isn’t designed to take the place of the advice of an attorney or your own better judgment.

Contest vs. Sweepstakes

The distinction between the two has been covered to the point of absurdity by every other blog out there, but I’d be remiss if I didn’t include it here, if only for the one person who still isn’t aware of the difference.
In a contest, the winner is chosen based on some sort of qualification, be it a skill (“the best illustration wins”) or some sort of merit (“the person we deem to be most deserving”).
In a sweepstakes, the winner is chosen completely at random, without any sort of qualification or decision structure.
It is important that you take note of this and use the right verbiage when advertising and discussing your event. For the purposes of this post, I will be using the word “contest” generically, just so we’re all on the same page.

The Rules

The first step to running a successful contest on Facebook is to make sure that your contest (and possibly your page) stay on Facebook, by following the rules. You see, Facebook has set out some very concrete guidelines where contests are concerned, and it has no compunction (and every right) to pull both your contest and your page down if they feel you’ve violated those guidelines.
(I promise I’m not going to fill this entire post with disclaimers, but you should take note that this post is by no means an exhaustive account of all of the rules and guidelines related to running a contest or sweepstakes on Facebook.)
The big kahuna
The biggest rule of all is that any contest you run on Facebook has to be run through a third party app.
The biggest app by far is one called Wildfire. It costs money (starting at around $50 per week at last I checked), but it’s probably the best out there, and is used by some of the biggest players on Facebook (Coke, Lowes, Tide, etc.)
Don’t have $200 to blow? Don’t worry. There’s a free (well, mostly free) app that’s been gaining a lot of traction amongst Small Business owners and entrepreneurs calledFreepromos.
I haven’t used it myself, but it’s received glowing reviews from a bunch of people that I respect hugely, and from what I’ve been told it’s completely free to use for pages that have less than 5,000 fans.

Frequently Asked Questions

“How do I add a third party app to my Facebook page?”
There’s no need for me to take up your valuable time by replicating the installation instructions here. Rest assured, installation is easy and painless, and whatever app you choose will walk you through the process quickly and easily.
“Do I need to use an app if I’m just talking about or advertising a contest that I’m running elsewhere?”
If you’re running a contest on your website, blog, in real life, or anywhere else apart from Facebook, you don’t need to use a 3rd party app if all you do is talk about/advertise said contest. You can’t ask people to do anything on your Facebook page, however… i.e.
“Don’t miss out on a chance to win an iPad2, visit our blog to enter and like this page for an extra chance to win.” (The bold part is the part that doesn’t fly).
“Can I ask people to like my page, upload a photo, or post on my page’s wall as a condition of entering my contest?”
Yes and no. You can force visitors to like your page before having a chance to enter the contest, but you can’t require fans to post anything or submit anything through Facebook as a prerequisite to entering the contest. (That’s where the 3rd party app comes in, because you can ask them to submit things there!)

The Prize

The prize that you offer should be something that’s valuable to your target demographic and related to your products or services. I personally advise my clients against offering one of their actual products or services as the contest prize.
The whole point of the contest, in the end, is to whip up a frenzy of activity and excitement around your brand and, thus, eventually make some sales, right? Given that… why would you give away for free whatever it is you’re wanting people to buy from you later on?

Make Entries Valuable to You

Too many Facebook pages just require you to click a button or, at most, enter your e-mail address in order to enter a contest. While an e-mail address is certainly something of value (see: e-mail marketing), there’s no reason that you should stop there. The prize that you’re offering is something of value, right? So get something of value in return! Make it worth your while!
Ask your contest entrants to fill out a survey (market research), interact on your blog (you do have a blog, right?), submit a testimonial (or if they haven’t used your products/services, a horror story about a competitor) to use in future marketing endeavors, and so on. The point is, make the entries more than entries… make them valuable to you, as long as people are going to go to the trouble anyway!
If you have any questions, or need me to clarify something. Well, please, ask away :)
This is a Guest Post by Carter Schimpff, the owner of Garraty Group Marketing, an online marketing firm located in Fort Worth, Texas. He and his team are also the wizards behindSmBizBlog.com, a helpful online marketing blog. You can find them on Facebook atfacebook.com/GoGarraty.

Tuesday, 16 April 2013

10 Questions to Ask Before Determining your Target Market

10 Questions to Ask Before Determining Your Target Market
The better you understand your customer, the faster your business will grow. But new ventures often struggle to define their target market and set their sights too broadly.
"We often overestimate the market size, and in many cases there may not be one at all," says Robert Hisrich, director of the Walker Center for Global Entrepreneurship at the Thunderbird School of Global Management in Glendale, Ariz.
Here are 10 questions that can help you determine whether you have a target market and what it is:
Who would pay for my product or service?
First, try to understand the problem that your product or service can solve, says Greg Habstritt, founder of SimpleWealth.com, an Alberta, Canada-based advice website for small-business owners. Then, use that information to help determine who would be willing to pay for a solution. "Not only do [your potential customers] need to have the problem, but they need to be aware they have the problem," Habstritt says. He recommends using Google's keyword tool to see how many people are searching for words related to your business idea.
Who has already bought from me?
To refine both your target marketing and your pricing strategy, see who has already bought your product or service, says Amos Adler, president of Memotext, a medication compliance app maker in Bethesda, Md. You can gain valuable insights by releasing the product in a test phase and letting potential consumers speak with their wallets.
Am I overestimating my reach?
It's easy to assume that most people will need your service or product. But rather than make assumptions, reach out to groups of potential customers to get a more realistic picture of your audience and narrow your marketing efforts. You can conduct surveys, do man-on-the-street type interviews in stores, or organize small focus groups. "We get so passionate about the idea and how good it is that we overestimate the market size," Hisrich says.
What does my network think?
As you try to understand your target market, it may be challenging -- and expensive -- to seek feedback from potential consumers through surveys, focus groups and other means. But you can tap into your social networks to get free feedback. Many people in your extended network will likely be willing to take the time to give you opinions and advice, says Bryan Darr, founder of Mosaik Solutions, a data analytics company in Memphis, Tenn.

Am I making assumptions based on my personal knowledge and experience?
Your own personal experience and knowledge can make you believe that you understand your target market even before you conduct any research, Habstritt says. For example, if you're a fitness buff and want to start a business related to personal health, you may assume you know your customer. "Don't assume that you can think like your target market," Habstritt says. "You have to ask them and talk to them to really understand them."
What's my revenue model?
Figuring out how you'll reap revenue can help you find your target market, Hisrich says. Social ventures can be particularly tricky, he says, because without a specific plan for getting revenue it's easy to overestimate the size of the customer base. But if you're revenue model is simply selling a product online, it can be easier to figure out a target customer.
How will I sell my product or service?
Your retailing strategy can help determine your target market, Hisrich says. Will you have a store, a website or both? Will you be marketing only in your home country or globally? For example, an online-only business may have a younger customer than one with stores. A brick-and-mortar business may narrow your target market to people in the neighborhood.
How did my competitors get started?
Evaluating the competition's marketing strategy can help you define your own target customer, says Darr. But of course, don't simply copy the marketing approach of your biggest competitors once you define your target consumers. "You must have a way of differentiating what you are doing from what the other guys offer," he says.
How will I find my customers?
As you start defining your target customers, try to determine whether you can efficiently market to them. You'll need to do some market research and study your target audience's demographic, geographic and purchasing patterns. If you're selling from a storefront, you need to know how many people in your target market live nearby. If you're selling from a website, you need to learn about your prospective customers' online behavior. Understanding how to locate your customers early on can help you establish a game plan once you start building a marketing strategy, Hisrich says.
Is there room to expand my target market?
Be prepared to redefine your target market or to expand it over time, Darr says. For example, figuring out whether you're targeting a domestic consumer or customers throughout the world can be a good start. As the power of mobile mapping has grown in the last decade, he's seen the number of target markets grow at his own firm. In the beginning, Mosaik dealt mostly with wireless operators, but now he also counts cable providers and broadcasters as clients, Darr says.