Entrepreneurship Archives

The Best 3 Product Framing Strategies

What are the three product framing strategies? What are the benefits of framing during the product development process? The purpose of product framing is to make sure the product development team is on the same page, and to identify the risks the company will be taking during the product discovery process. There are three methods for doing this: opportunity assessment, the customer letter technique, and startup canvas. Learn about each of the three product framing techniques below.

What Is the Long-Tail Business Model?

What is the long-tail business model? How does the long-tail business formula differ from the conventional business wisdom? The long-tail business model is where a business sells a wide range of niche products/services instead of selling large numbers of high-demand products/services. The long tail formula seems to fly in the face of the common advice to focus on one niche product (in other words, to prioritize one thing and do it exceptionally well). Further, expanding your offerings according to the long tail formula could be the key to disrupting the market and winning big. In this article, we’ll take a

The 8 Ways to Monetize Your Personal Brand

Are you growing your personal brand and want to know how to monetize it? What steps can you take to turn your passion into a business? In his book Crush It!, Gary Vaynerchuk gives advice on how to create and grow your personal brand. He also provides some tips on how to monetize it once it’s up and running. Here are Vaynerchuck’s tips along with a discussion about the growth of online influencers.

A Guide to the 4 Types of Prototypes

What are the four types of prototypes? Why is prototyping a necessary part of the product development process? The four types of prototypes are the feasibility prototype, user prototypes, live-data prototypes, and hybrid prototypes. Each one serves a specific purpose and which one you use depends on the product you are developing. Here is an explanation of each one.

5 Types of Customer Groups & How to Target Them

Why is it important to define the customer groups your business intends to target? What are the different types of customer groups? It’s important to identify and validate your customer groups before you develop your business model. There are five main types of customer groups: 1) mass market, 2) niche market, 3) subdivided market, 4) diversified market, and 5) multi-sided market. We’ll take a look at how to target each of these groups below.

Crush It! Gary Vaynerchuk’s Guide to Building a Brand

Do you want to create a personal brand? What does it take to build an online brand from the ground up? In his book Crush It!, Gary Vaynerchuk teaches readers how to turn their passions into profits by creating a niche, personal brand. He explains every step of the process in detail so you, too, can do what you love for a living. Continue below for Gary Vaynerchuk’s eight-step guide from Crush It!.

Inspired: Product Management and Discovery

Do you want to create a technology startup company but don’t know where to start? Once you discover your product, how do you manage its development? In Marty Cagan’s book Inspired, product management and product discovery are crucial for a startup’s success. Creating a good product idea is only the beginning, then you must prototype, test, and assess risk. Continue reading for Marty Cagan’s advice on creating a product.

The Bait-and-Hook Business Model: Explained

What is the bait-and-hook business model? How do bait-and-hook businesses make a profit? The bait-and-hook business model is where a business sells the main product (for example, coffee machine or printer) at a low cost in order to generate profit by selling complementary products/refills/top-ups (for example, coffee capsules, printer ink) at a high price. In effect, businesses choose to initially make a loss in the hope of making a future profit from ongoing purchases. In this article, we’ll take a look at the concept behind bait-and-hook business models and how they generate revenue.

The 4 Risks of New Product Testing

How do you test new products? What are the four major risks that need to be addressed? A crucial part of the product development and discovery process is new product testing. There are four major risks that need to be addressed during these tests: value, usability, feasibility, and business viability. Keep reading to learn how to assess the four risks of new products.

The Benefits of Building a Personal Brand

Why is building a personal brand a good idea for anyone? What are the three top benefits of a personal brand? According to social media guru Gary Vaynerchuk (a.k.a. Gary Vee), every business owner, employee, and aspiring entrepreneur should build a personal brand. The benefits range from boosting sales, to developing a following, to building a resume. Here is Gary Vee’s advice for why you need a personal brand.