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As first time entrepreneurs, what part of the process are people often completely blind to?

Jef LippiattOwner at Startup Chucktown
I will speak specifically to tech startups and app startups. When launching into these segments many entrepreneurs get totally enamored with the highlight reel of all the media outlets. They truly believe that in months they'll be the next Facebook.Now, I'm not trying to squash dreams, because being bold and audacious is important. However, don't throw out common sense. Starting any type of business is exciting, but there is a definite lack of media coverage on the "daily grind" of operating and selling. Why? It isn't very sexy and it doesn't inspire (or rather, the media companies don't think it will).This is the very same reason you hardly hear about failures of largely funded entrepreneurs. The media doesn't want to cover that (it is deemed dismal). However, if positioned correctly there are many lessons to be learned from the failures and struggles of others. I dare people to live vicariously to reduce the pitfalls that happen to them on their business journey.
HUNTER LEONARDFOUNDER AND CEO at BLUE FROG MARKETING PTY LTD
I've benchmarked over 1000 SME businesses in regards to their marketing attitudes and behaviours asking over 50 questions of each business. So i'll confine my comments to marketing and strategy. The absolute number 1 is lack of research. Entrepreneurs by their nature are courageous, risk takers, and innovative. They expect others to see their ideas as brilliant and that "sell themself" - we found that less than 15% of SME business owners had done sufficient research of their market, competition or their product prior to launch. They spent money and time on product development, on fitting our their offices or warehouses, on branding and websites. But they rarely invest enough time in truly understanding the dynamics of their market, their competition and importantly what strategic positioning they are going to adopt in the market.
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Questions

What makes a great Tech company?

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Phil SealyOwner at Pro Leaders Academy
My view is the culture of any business makes it.If you have the right culture with a market need then you will have a great company.A culture that supports the goals and values of the company you will have a great business that has cients that are raving fans and will sell the business for you.
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Questions

What would you value more an investor or a knowledgeable cofounder? Why?

Often a venture needs both, but which would you prefer? Think about the pros and cons that may... read more

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Jef Lippiatt Owner at Startup Chucktown
An investor with strong contacts in the specific market that can grow my business. - is my take.
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Questions

How did you make connections for the new venture?

How did you go about making contacts at all the exciting Asian startup cities? I'm guessing it took... read more

Asked by:
Jef Lippiatt Owner at Startup Chucktown
Jason Lim at Asia Recon
I made most of my contacts when I lived in Beijing and was very active in the startup community. Since I was a tech blogger, I naturally had to meet people and keep on the pulse of all the trends. I attended a lot of conferences, events and ran some myself. The community is strong and you always see the same people, so over time its easy to build up a good relationship with them. This happened over a few years. Lessons learned: Get out there and start talking and meeting peopleDon't be too eager and bother people (some people in Asia just want to get your card and walk off)Be prepared to offer help where you can, it will come back to you
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First 100 days

Make these your priority when starting a business: part two

Last week I started to write points on what to do when starting your business. Here is the follow... read more

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First 100 days

Don't be afraid to make the call

Running a business is really just a whole series of decisions you didn’t think you’d have to make,... read more

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First 100 days

What to do when your starting a business? Advice from Mumpreneurs

Starting a business as a mum can be hard. Not only do you need to juggle the expectations of you as... read more

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SavvySME Official Official Account at SavvySME
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