The BIGGEST Mistake Entrepreneurs Make When Starting A Business


one of the many pitfalls of every
entrepreneur especially when you’re building your first company is that you
so focus on crazy and great products that you almost don’t dedicate enough
time to figure out how you’re gonna get that product into the right audience
into the market I had this conversation today with
someone called Olga she’s the founder of a company called museum and museum is
working the dedication of space and she’s taking the experience that people
would have in museums and putting into VR and so giving to kids a much more
interactive way to experience history there’s something particular at the end
of the conversation that I urge you to continue to watch because we’re going to
the details of her go to market strategy make sure you stay until the after the
conversation because I’m going to talk about second thing that it’s totally
related to that which is about timing I’m gonna tell you why
timing is another very crucial element for you to pay attention to all right
okay now I can see stuff I’m not sure which side of the moon you are so you
you go to museum you and then you you start playing for free yeah and then you
pay for particular experiences and then let’s say you pay five pounds to get you
see stuff and take modern and then and then there’s a revenue share for them
every time people so in terms of in terms of money it’s not gonna be a lot
anytime soon right because you you will need like how many people so what is
here what is your total addressable market at the moment
so as our total addressable market in the UK is 6.8 million parents okay so by
just in the UK and that’s particular power kind of age group six million
parents who have who are interested in VR and have the who are the Box children
aged 8 to 12 and are interested in educational experiences was average
spend of seventy pounds per week or something like that but they don’t have
the gear yet no so basically that’s about so how many key is there off that
in the market so not that many but this cost five pounds in the Amazon yeah
the way we’re gonna start initially promoting it is by actually when the
parent downloads you ask questions they have a hat store not if anybody directly
to our website a cool place if you get some surrended museum your head side
yeah in places they can start playing okay and the same kind of comes with the
educational boxer so okay if you’ve a hardware on the software to actually get
that because they are in it we knows a parent has a headset so you don’t have
any barriers for adoption and in fact they don’t have any other content easy
to use yeah yeah so we are in a kind of like in a sweet spot of getting someone
very loyal yeah let’s say in a amazing world you your closet use with I don’t
know 20 museums in the next six months and all year whatever and then you have
loads of content yeah and then museum you is like booming like loads of
content there people go download attached right I’m still struggling to
find a way for you to to be you know seen like how how people are gonna disco
for you how people are gonna discover museum you on the app store so it’s like so we are building the marketing
strategy was parental influencers yeah basically would allow them to try the
experience to kind of like express award but from what we’ve got from parents
feedback initially the app itself couldn’t be very very hard to monetize
mmm so what makes more sense Suzanne is to get a box that it’s something the
child has a physical exterior yeah which which is where you showed me first time
we right yes that has a hat set yeah some paper stuff because parent just
like this the child has a pain wounds they can see stuff additional materials
that can be produced within an hour like make your own cartoon of the alphabet
which leads the one that the child so in the experience and not as it unloads up
and Zeus way you make slightly about the margin because he can sell the folks for
yeah 15 pounds that will cover two or three levels so they don’t actually need
to pay for it but then they subscribe yeah says this is service parental
influencers Plus but that but that requires that
that requires a totally different go to markets and logistics right because you
need to have all it now you’re talking about storing physical things to deliver
to people but also it’s like you you go back to the same problem how how people
gonna discover you what are what are they searching for that they’re gonna
find yours mu education education activities for kids so how much people
search for that is it if you go to google if you go to Google Trends to and
and you search for educational activities is it like loads of searches
how much I need to check but that’s what are in basically they try to provide an
authoritative screen time to child says I’m not happy with kids but look if you
open your laptop yeah so I encourage you to spend probably you know good amount
of our there to start finding the way that people would search for something
like this because then you’re gonna start aligning your positioning with
what people are naturally already inclined to to do and that will help you
to to create a right messaging but also to find the right places where you
should place an edge or you should maybe get I don’t know get in touch with
certain museum shops to reach to get them to retail your your kid you know so
all of those things you need to think through how you’re gonna be discovered
that’s like the most crucial saying both for the app if you know if you talk
about the app store or for the for the kids because for b2c if you’re not
discover it you’re gonna create an amazing product and and nobody cares
because they just don’t know you here’s the thing almost half of startups
fail because they couldn’t solve our customer needs and customer needs not
out of nowhere right people behave differently in different times in their
lives so maybe via would not be able to be even thought about like 10 years ago
but now it’s something that people starts to get used to it and they’re
kind of wanting to explore a new technology the crucial thing about
finding the customer need and the right orders for prod
is actually to do with something that you have no control of I’m sorry to tell
you the bad news but it is you need to be able to as an entrepreneur to be
tuned in to trends and how people are behaving how people are changing their
needs and their ways of life so that you can actually understand when they’re
gonna need the product creating for them timing is crucial a very real example of
that is Netflix Netflix started 1997 and the first business was actually to rent
DVDs and blu-rays to people like literally delivering rented discs after
a few years of that business model they realized that the people and the
technology was ready for streaming media and in 2010 Netflix introduced the
streaming media service which you know nowadays and they also started to be
active producers of content actually commissioning new content all the time
seen Netflix is a great example of a company that has been so tuned into how
their customers are behaving and how things are changing the world and
getting the timing really right to get the right business model on the right
product to the right audience anyway thank you for watching do write your
comments below and tell me what was the thing in this video that was most
valuable for you there was like that light bulb moment it’s like oh my god
now I can solve my problem as soon as possible I’m gonna talk about other
verbs that we all do as entrepreneurs in many other videos so you must subscribe
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