CEO's Advice to a new Entrepreneur

Our Speaker at my Entrepreneur Meetup for 17 June 10 was Tom Mitchell – who has been working with Startups for > 20 years. He’s been the CEO of RadioLAN & Domondi, and is currently President at Thales. This is a team of longtime friends to produce & market an innovative solution in the electronics industry. Peter/Meetup Organizer.

Tom is “Sales, Marketing, & Business Development” focused and has the philosophy that everything in business happens because of the Customer. Tom has led cross-functional operational teams, developing & launching new products. Tom holds a BS degree in Computer Science from the University of Rochester (’81), NY.

CEO’s ADVICE to a new ENTREPRENEUR

– Learn everything you can about the technology of your product, including what your Competitors are offering. So you can answer any questions that your Customers or potential Investors ask.

– Be strongly Customer-focused. Even before you develop your product, talk to as many potential customers about your concept as possible – to find out if they would really need it, want it. Maybe one will be so impressed, that they’ll pay for the development. Here’s hoping!

– If possible, have some significant Variations of your product or other products available, in case they don’t like the original one. You’re trying to tempt them to want to buy. They are more likely, if there are more choices on the menu.

– Look for as narrow a Niche’ market as possible, to minimize competition. Then no one will bother you while you totally capture this market. After, you can expand your offering by enhancements to your existing product or new products.

– Optimize & Publicize your Advantages over your Competition to your Prospects & the Media. Use low cost & no cost methods to get the word out. Do trial runs on your advertising to find out what works & what doesn’t. You want the most effective advertising for your expenditures.

[ More Tips for New Entrepreneurs continued in Premium Content ]