5 Things Every Entrepreneur Should Know about Marketing

The most successful entrepreneurs I know have a good understanding of key marketing concepts. It’s not enough just to have a great idea or even a great product; every successful business requires marketing to match. Without the right marketing, every business will fail. Here are five marketing concepts every entrepreneur should know.

#1 Understand Your Market

As an entrepreneur, the first thing you should know about marketing is that successful businesses are those that solve a problems in the marketplace. You should understand how your product or service solves a problem for someone else.

Just because you have a “good business idea” it does not mean you have a “good business opportunity”. Business Ideas for the most part are worthless on their own. In order to tell if your good business idea is also a good business opportunity, you need to understand your market by answer questions like,

How does my product or service solve a problem?
Are people willing to pay for my product or service?
Am I able to make a profit by selling my product or service?

In general, every entrepreneur first needs to understand the marketplace and how their business fits into it. Understand your market.

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Author: Michael Eagar