Car Wash - Summer 2016 - (Page 98)

5aQuestions Successful 5 THINGS Entrepreneur Can Ask 4 HOW ARE YOU GOING TO GAIN MARKET SHARE AND SCALE? Market share can be approached in three ways: create a new market, expand a current market, or take market share from current competitors. Market share is not cheap. You need to know which area you will focus on and be prepared financially to earn the market share you want. BY PROF ILE S INT ERN AT ION A L IF YOU'VE EVER watched Shark Tank, you know there's a lot more to being successful in business than just having an ingenious new product or offering. Evaluating whether to become an entrepreneur can be daunting, as it involves not only generating customer demand but also strategizing how you will outshine your competition on an ongoing basis, and how you will fund your business. A demonstration of entrepreneurship being no easy feat, statistics show that about half of new start-ups in the U.S. fail in the first five years. So how do the successful entrepreneurs do it? Below are five questions that contributor, Steve Tobak, believes all successful entrepreneurs can answer. 1 WHAT CUSTOMER PROBLEM DO YOU SOLVE? Start by asking yourself what customer problem you or your product solves. Tobak goes on to say, "...if you don't come up with a big problem that customers will pay to have solved, your entrepreneurial career will be very short-lived." Use this question as a starting point when mapping out your business or solution. The customer will ultimately drive demand for your product or service. How you will make and keep your customers happy is as important as knowing how you will grow your customer base. Competitive strategy is also critical, as you can be certain that competition around a product or offering similar to yours will come once you achieve success. What will create a greater demand for your offer as compared to that of your competitor? Your solution needs to be unique. Make sure you understand what your competitors are offering, and then ensure that your solution can provide more value to the customer. Failing to increase value proposition will make your product or service a commodity. 98 This is most likely the toughest question to answer. It is also the most common reason entrepreneurs fail (and why Shark Tank investors are so selective about their investments). Be sure to clearly map out your plan for funding your new business, and stick to that plan as closely as possible. HOW ARE YOU GOING TO ATTRACT AND RETAIN CUSTOMERS? 2 WHAT'S YOUR SOLUTION, AND WHAT'S ITS VALUE PROPOSITION? 5 3 HOW ARE YOU GOING TO FUND YOUR GROWTH? CAR WASH MAGAZINE | WWW.CARWASH.ORG | If you can answer these five questions, you are off to a great start for going into business for yourself. It's not the complete package-or the final solution-to being an entrepreneur, however. Having a plan in place that answers these critical questions, and the ability to successfully execute them, should allow you to do quite well for yourself. Tobak suggests, "If you don't, you'd better keep working on it until you do, because none of them are optional if you want to get anywhere on your own." SUMMER 2016 http://WWW.CARWASH.ORG

Table of Contents for the Digital Edition of Car Wash - Summer 2016

Letter from the ICA
By the Numbers
Overheard Online
Along for the Ride
Employee Training Is Critical to Success
New & Improved
Funding Your Big Idea
Be Prepared to Stop
Study This!
The Car Wash Show 2016
Future Leaders
ICA Unveils New Strategic Plan
Take a Tour
Wash Ideas
Blast from the Past
Download It!
Marketing Minute
Top Tweets
Ask Champ
Advertiser Index
5 Things

Car Wash - Summer 2016