Must watch: Part 1

Hey you all! I’m very excited about my new “Must watch” series of blog articles featuring short videos that go deeper into the different aspects of my previous posts. They will also present cool startups and entrepreneurs or represent great business opportunities. I like to pick videos that are incredibly useful and informative as well as entertaining and truly inspiring. These are some of my current favorites and many of them I show to my students in class. I hope… Read more

How to convince your customers, followers and collaborators

What is the number one reason for why entrepreneurs fail?[drumroll 🥁]: no paying customers. In other words, nobody buys their product. That’s pretty simple. In general, why does someone not buy a product? Logically, either they can’t afford it or they don’t want to spend their money on it regardless of how much money they have. And what if they can afford it but they still don’t buy it? Logically, either they don’t need it or they prefer to buy… Read more

Why entrepreneurs should offer only a few options at most

We tend to think that more is better, right? If we were entrepreneurs, we would typically assume that the more options we offer, the more customers we can attract. Or that the more options we offer, the more satisfied our customers are, because they will get the product that meets their exact needs. Or that the more options we offer, the more we can gain market share from our competitors. Are these assumptions accurate? For a very few large companies,… Read more

The 3 ways to determine a price

Here’s a story about how I earned a few beers some months ago. I was talking to two friends, both of them entrepreneurs. Lucy offers graphic web design services and Dan offers installation and maintenance of whirlpools. We had a conversation about their businesses and eventually ended up discussing their prices. Both of them mentioned that they didn’t really have a pricing strategy. In fact, it turned out that neither of them could tell how exactly they determined their prices.… Read more

Who will buy your innovative product?

Who do you think will be the first group of people (or firms) buying from your company? What do you think will be their effect on your business? And how do you think you can reach these people? The first customers may be valuable and encouraging for your new business, but they may also mislead you to think you have nailed it. If you are selling something innovative, certain customer groups will buy from you just so they can try… Read more

5 attributes of a product that will make people buy it

You can probably think of a thousand things that affect your decision of whether or not you will buy something, such as your general need, urgency, and money available. All those sellers that consider you as their potential customer are desperately trying to think how to make you buy from them. Similarly, it’s difficult to figure out how to make people buy your product when you’re the entrepreneur. When you have your own or are involved in someone else’s business,… Read more