In today’s market, entrepreneurs attempt to to create customer-friendly start-ups without actually meeting their customers . Instead they are on [CW1] quantitative data, analyzing[CW2] their competitors, tinkering with spreadsheets, and use number-based thinking [CW3] before and during their new venture. There are many roads entrepreneurs can take to start a new business. To many, the ‘lean startup approach’ is appealing for its cost-effective methods. In comparison “design thinking” is where the entrepreneur(s) go out and talk to their potential customers in order to conceive and create a successful product in a user-centred way. This frequently does take extra time and increases start-up costs.
However, it is the third option combining the two methods that is recommended. Together, you will be able to effectively serve your customers’ needs by creating a systematic, low-risk plan to introduce your company (and product) in the face of uncertain success.
All startups begin with a series of questions, it’s up to you to find the answer for them. Who’s your target customer? What makes your product or service attractive to these customers? Where does your customer live and/or work? Who are your competitors? etc..The Lean Startup Method can help you identify the answers to these questions. Meanwhile,[CW1] Design Thinking gives you the methodology to “prove” the answers you have are indeed correct, as well as obtaining core insights that you may not have even thought of!
In summary, research is still king– you need to research your market and your business as well as understand your competitors. But before you start setting up your product/service, you still need to reach out to your potential customer to verify that your research is correct. Simple;[CW2] makes sense right? Yet many new entrepreneurs are skipping this step, so sure that their research is correct and/or not wanting to invest the extra time/money to be sure– although in the long run it is well worth the extra step. Feedback from your intended target demographic is vital to business success!
Primasia Corporate Services is a leading professional provider of corporate services, with over 30 years of experience assisting companies in expanding their business to Asia, particularly in Hong Kong, China, and other offshore jurisdictions. When you are ready to set up your Ecommerce business in Hong Kong and/or China, contact Primasia to get started. Whatever your requirements, we can help you succeed!
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