Navigating the startup space can be challenging. Prototyping, finding and securing customers, and managing growth all present puzzles to solve. Every entrepreneur has a unique experience and can offer valuable advice to others.
A Lassonde for Life workshop entitled Alumni Entrepreneur Panel featured entrepreneurs sharing tips for success. Lassonde for Life is a free and lifelong group supporting University of Utah entrepreneurs.
The panel highlighted the importance of listening to customers, keeping up with trends, and working with others through change. Alexander Khan, the founder of Coded, hosted several alumni entrepreneurs operating businesses in Utah. The group tackled questions about starting, owning, and operating a business.
The panel was comprised of past University of Utah students who started companies such as Thirst, Lithium Auto Care, and Salt Lake Golf Lounge.
Customer Feedback
The first trick to startup success is focusing on the customers. When possible, involve customers in the innovation process. Get feedback about prototypes and ask about likes and dislikes. Emails and surveys can be used to gather information from a large base of customers. Looping customers into the process increases the odds they will buy a product or service.
“Getting the product into the hands of the customers is everything,” said Ethan Cisneros, founder of Thirst. Giving products out for free is a marketing strategy that can secure long-term customers. People may be unwilling to buy a new product but become hooked once they try it. When customers reject a product, use it as an opportunity to figure out what they dislike and improve.
Stay Relevant
Identify where and who your customers are and the best ways to reach them. Differentiate with positive interactions and customer service. Great experiences and quality service can help build a community of consistent customers.
Launching new products and services is a great way to keep people involved and interested in what your company can offer. Stay ahead of the market and attract customers by releasing top-notch products, evolving technology, and constantly innovating.
Integrating Artificial Intelligence
Artificial intelligence is on the rise and can be implemented by businesses. One way many companies use the technology is by creating chatbots on their websites to answer commonly asked questions. Artificial intelligence can be useful for brainstorming marketing ideas for ads and blogs. It can also create places for growth and increase customers.
Build a Team
To combat the difficulties of change, build a strong team. Founders can focus on their strengths and outsource help. “Add team members who are strong in your weak areas,” said Mohsen Mortazavi, founder of Salt Lake Golf Lounge. Collaboration makes it easier to progress and allows for new ideas to form.
Navigate Change
Embrace market changes and launch products fast. “The best thing you can do is build your minimal viable product and get it out,” Mortazavi said. Getting products and services tested by customers early can lead to valuable feedback and quality improvements. Waiting to create something perfect may lead to time wasted if customers don’t want it. Aim for success from the get-go by involving customers early and along the way.
