This chapter deals with the first steps of starting a new business. The first section is about the background of yourself! You can prepare yourself a little bit for the questions about your background but actually when they asking you for example wether you are good at marketing or not. Then you have to be honest! Otherwise it might could be difficult for you. The next section clarified in which type of business you are. For example when you want to open a new hotel you are in the hotel business. But you may have to rethink why your hotel is different from others! Is your hotel providing good foot?
Or is fantastic accommodation the thing? Or for who is that hotel for? Families with children or teenagers? So you can see you have to focus on the customers need! The next point is your aspiration but I think thats quite simple! You want to become rich as a result of your idea.
Market Research is really important when you want to start your own business. So the first step you should do is talking with people who are passionate about your area of innovation. For example the hotel idea. If you want to open a new hotel you should talk to the hotel manager and probably the staff. Here are some question examples: Where do your consumers come from? Are they tourists, townies or suburbanites? What's their age group? What are their buying patterns? What's the competition and how does it target the market? Who influences the competition? Can YOU influence them?
The next point is 'Branding' which is in my opinion really important because you mark you out from the competition, it can help to build relationships and strike an emotional chord, it can foster credibility, it can help to build a reputation and create loyalty and it identify the product's fitness for its purpose.
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