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3 Questions Your Startup Needs to Answer in Order to Maintain Focus

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questions you need to ask yourself to stay focused
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When I was a second lieutenant in the United States Marine Corps at 22 years old, one of my captains at The Basic School was a rugged Marine who’d been awarded the Bronze Star for defending an isolated combat outpost from repeated Taliban attacks.

One day, he told me, “If you’re strong everywhere, it means that you’re strong nowhere. You need to gather intelligence, determine the enemy’s most likely avenue of approach, and orient your defensive position toward it. If you try to defend everywhere at once, you’ll fail.”

I’d offer similar advice to startups. The constraints of capital, talent, and time already leave you vulnerable to the competition’s every move. Trying to position yourself as a one-stop shop just spreads your resources even thinner. The question then is, why do so many startups still try to be all things to all people so soon out of the gate?

Too Big Too Soon

Startups often feel pressured to look bigger than they are. They want to show that they’re at the cutting edge of technology and get the attention of customers by promising a combination of features beyond anything that’s available on the market.

But buyers have become more and more savvy. They can smell even a hint of nonsense from a mile away. This is why they’re increasingly likely to conduct extensive research before making a purchase, which can mean requesting to test out a product before they buy it. When buyers realize that companies are overpromising and underdelivering, it damages the company’s reputation and lowers the likelihood of future success.

Every successful startup excelled at one thing first before expanding into other features. Netflix, for example, became the best in on-demand DVD rentals, while Amazon became the best online bookseller. The same can be said for Google with search, Facebook with connecting college students, and Uber with black car ride-sharing.

Since dominating in its core competencies, Netflix now excels in streaming services and creating proprietary content. Amazon is doing something similar — with the addition of selling all physical goods and offering cloud-computing services. Google still provides search, but has added email, video calls, maps, and even self-driving cars to its roster. Facebook connects people regardless of school affiliation and also runs a marketplace, Instagram, and WhatsApp, while Uber has branched out from a black car service into UberX and UberEats.

When you have nailed down your core competency and built it into a successful business, subsequent product lines must compliment your core business as part of a comprehensive corporate strategy in order to continue growing in a profitable and sustainable matter. Consider WeWork, for example, which had carved out a strong niche in the shared workspace market. The company began investing in more than just office space, moving into retail, housing, preschools, college campuses, food startups, and a wave generator for inland surfing.

That’s a lot of positions to defend — and a confusing corporate structure. That’s why it was no big surprise when WeWork recently pulled its IPO. The company also just received a $1.75 billion line of credit from Goldman Sachs to help clean up its debt and keep the ship afloat.

“What do you need to start a business? Three simple things: know your product better than anyone, know your customer, and have a burning desire to succeed.” – Dave Thomas

More Isn’t Always More

Adding features to match every perceived customer need is tempting. Logic would tell you that more of a good thing means an even better thing, but when it comes to startups, that’s simply not the case.

When my startup was pitching our product, which is smart camera software used for gun detection, to a large global company, the company pointed out that one of our competitors also uses computer vision to detect guns — on top of behavioral analysis, license plate reading, healthcare analysis, abandoned object recognition, people tracking for retail, and seemingly countless other applications. They asked why they should go with us when all we do is gun detection.

I knew of the competitor they were referencing. I knew the company was roughly the same size as us, so I understood a bit about their true capabilities and limitations. And I know that it’s not possible to be good at everything at once. 

I said, “If you need a bunch of bells and whistles, ask yourself whether it’s realistic for a seed-stage company to deliver effectively on all of these promises.” I suggested they hold the company’s feet to the fire and test the products rigorously before making a decision.

3 Questions for Staying Focused

As a startup founder, you need to ask yourself three questions when looking to improve your offerings, and the answers should help you maintain a sharper focus on your core competency. Otherwise, you risk losing sight of your target audience and expanding too far too soon.

1. What is the most critical customer pain point we want to solve?

For the most part, your answer will fall into one of four fairly broad categories: cost, productivity, ease of use, and assistance. Cost obviously involves a financial problem, like overpaying for a product or service. Productivity centers on time — or the lack thereof. Ease of process involves making a complicated matter simpler, and assistance is all about support. 

Invest in the research to uncover where your customers’ biggest pain points lie. Then, understand how your product or service can best solve that problem only. The first step in staying focused is zeroing in on one pain point and knowing you will need to maximize your offering’s ability to solve it.

“If you define the problem correctly, you almost have the solution.” – Steve Jobs

2. Are we building a valuable solution to this pain point? 

Once you’ve established the problem your offering will address, you should determine whether what you have to offer is actually the best way for customers to solve it. Can your product or service take them easily from point A, where they have the problem, to point B, where it has been significantly remedied or entirely solved? If not, it’s time to pivot your strategy and improve your offering to better deliver that one solution, rather than just adding bells and whistles.

3. Are we using feedback to improve?

Nobody knows a pain point better than consumers. Once your product or service is in people’s hands, welcome their feedback with open arms. The more input you can gather, the better. 

You can use the feedback directly to build your development road map, allowing you to improve upon your product or service in the way customers most want to see. Hearing from customers themselves is the only way to know the true extent to which you are solving your customers’ problems. 

To bring the most value to your customers, focus in rather than expanding out. Startups form around solving problems in the first place, so the attention should remain on finding the very best solution. Focus on what you’re good at and master this area before moving into other uncharted waters. That’s the foundation of success.

Have you thought about starting a business? If so, what part of this article resonated most with you? Share your thoughts below!

Sonny Tai is CEO of Actuate, a Marine Corps veteran, and a social entrepreneur. He co-founded Actuate with the mission of addressing America’s gun violence epidemic, and he works to build software that employs deep learning to automatically identify weapons in real-time security feeds.

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Entrepreneurs

10 Lucrative Buy and Sell Businesses to Start in 2024

The buy-and-sell business model provides opportunities across many niches

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Businesses to start in 2024

In the dynamic landscape of 2024, starting a business that capitalizes on buy-and-sell models can be incredibly lucrative. This article explores ten different models that entrepreneurs can consider. These ventures range from real estate flipping to trading in domains and luxury items, providing a broad spectrum of opportunities regardless of your initial capital or interest area.

1. Car Flipping

Flipping cars can be a very lucrative business venture for an individual with business acumen, an eye for value, and mechanically adept at cars. It involves buying under-priced cars, restoring, and selling them for a profit. For deeper insights and opportunities in this market, refer to https://sca.auction/.

2. Real Estate Flipping

Flipping real estate—be it houses, condos, or even commercial properties—remains pretty solid business, especially in markets where real estate values are on the way up. Investors buy properties relatively low, do rehab or renovation, then sell at a profit.

The success of the area is endowed with a huge potential spotlight, the ability to juggle various elements such as local real estate market knowledge, and efficient management of renovations.

3. Vintage E-commerce

With the advent of technology, it became easy to sell vintage or retro items over the online selling platform. Be it clothes, furniture, or even collectibles, consumers these days prefer something unique that is eco-friendly and which may have a nostalgia quotient in it. Hence, it brings the opportunity to open an e-commerce shop effectively.

4. Domain Flipping

If you have the skill to predict catchy phrases or business names that would be popular in the future, then buying and selling domain names would be a very profitable business. Register prices are available to purchase domains, which later can be sold at high prices to interested parties or businesses that wish to get an early online identity.

5. Luxury Items

One of the most promising buy-and-sell businesses is the luxury market, and what makes it very attractive is its less sensitivity towards economic downturns. Some of the common items in the luxury market include high-end watches, jewelry, and art, rare cars, all with high yields. Most times, items do appreciate, especially when they are limited editions.

6. Sports Memorabilia

While the sports memorabilia trading business can at times seem lucrative, especially when one focuses on big personae or big events, authenticity and rarity can definitely help items fetch top dollar. Provenance and limited supply both go towards inflating their values.

7. Sneaker Reselling

In recent years, the sneaker resale market has exploded, fueled by a commodity of scarce releases and athletic brand collaborations with a list of celebrities. Today, with operations such as StockX and GOAT, it’s really that easy to break into the worldwide market. It’s pretty easy to find your buyers and make a very good profit if you’re targeting the right trend and releases.

8. Book Flipping

Flipping rare and first editions can become a really meaningful, and yes, one more profitable, business for a book lover. Sometimes the signed ones, rare manuscripts, or those early editions of famous novels could sell for thousands of dollars, usually done by collectors or academic institutions.

9. Furniture Upcycling

Upcycling furniture consists of restoring and using second-hand furniture to sell it at a higher price. For the environmentally aware consumer, this business model has great appeal. It could be pretty profitable if done with good taste and talent in design and restoration.

10. Electronics Flipping

Smartphones, tablets, and laptops resell at values significantly high; hence, business ensues. Buy, refurbish, and sell in better condition to appeal to budget-minded consumers looking for technology at more affordable price points. 

Overall, The buy-and-sell business model provides opportunities across many niches. Be it real estate flipping or vintage item upcycling, you can succeed in both models with market understanding and trend application. That, with careful planning and strategic investment, will throw huge financial returns for these business models in 2024.

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Entrepreneurs

How Your Business Can Outmaneuver Your Competitors by 85%

Did you know that companies that master big data can outmaneuver competitors by 85% in sales

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big data strategy

Did you know that companies that master big data can outmaneuver competitors by 85% in sales and more than 25% in gross margins? Sounds inspiring, right? But the thing is that data alone isn’t enough. Rather, it’s the strategy behind it that unlocks these enviable boosts. So, this article explores how to make the most out of your big data and build a strategy that’s functional and competitive. (more…)

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Entrepreneurs

Most Entrepreneurs Fail to Do This and It’s Killing Their Success

Celebrating progress also provides entrepreneurs with the psychological sustenance needed to endure the marathon of building a business

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celebrate your milestones

The journey from a mere concept to a tangible reality is one of the most exhilarating yet challenging paths an entrepreneur can navigate. This odyssey is punctuated by milestones that stand as testaments to perseverance, innovation, and relentless hard work.  (more…)

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Entrepreneurs

9 Ways Augmented Reality Gives Your Business a Competitive Edge

By embracing AR technology, companies can unlock new opportunities for growth, innovation, and success

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augmented reality in business

Leveraging Augmented Reality for Business Advancement: Exploring Applications

In the ever-evolving landscape of business innovation, Augmented Reality in business emerges as a transformative force, reshaping traditional paradigms and unlocking new opportunities for growth and advancement.

Through a comprehensive examination of AR’s capabilities, applications, and business benefits, this article serves as a roadmap for enterprises seeking to harness the full potential of augmented reality to propel their success in the digital age.

UNI.Agency as a forefront developmental agency tailors unmatched digital products and immersive experiences. They help companies outperform their competitors and customers’ expectations. And now, there is time to delve deep into the AR realm.

Gaining Insight into Augmented Reality

From revolutionizing customer experiences to optimizing operational efficiency, AR in retail is poised to drive significant advancements in how businesses operate and engage with their stakeholders.

Augmented Reality (AR) seamlessly integrates digital information and virtual objects into the real-world environment, offering users an immersive and interactive experience through devices like smartphones or AR glasses.

It revolutionizes various industries, from entertainment to healthcare, by enhancing perception and creating innovative opportunities for engagement and exploration in the digital era. AR not only enriches our understanding of reality but also opens up new possibilities for creativity, communication, and problem-solving, making it a powerful tool for businesses seeking to enhance customer experiences and streamline operations in an increasingly digital world.

Differentiating Augmented Reality and Virtual Reality

Augmented Reality (AR) overlays digital elements onto the real world, enhancing the user’s perception of their environment. Virtual Reality (VR), however, immerses users in entirely virtual environments, blocking out the real world. There are some core differences between these two technologies in gear and display approaches:

  • AR enriches reality with digital information, while VR creates entirely immersive virtual experiences.
  • AR typically requires less specialized hardware, like smartphones or AR glasses, while VR often involves dedicated headsets.
  • AR is commonly used for enhancing real-world experiences, such as in gaming, retail, and navigation, encouraging augmented reality shopping. Whereas VR is primarily employed for immersive simulations, training, and entertainment in fully virtual environments.

The Influence of AR on the Customer Experience Journey

As of 2024, Augmented Reality (AR) has evolved into an indispensable tool across various sectors, offering immersive and interactive experiences that seamlessly blend digital elements with the real world.

Stimulating Interest

Augmented Reality (AR) captivates customers by offering visually engaging experiences that spark curiosity and intrigue, enticing them to explore products or services further.

AR’s ability to overlay digital content onto the real world creates an immersive and attention-grabbing experience, drawing customers in and igniting their interest.

Educating and Empowering Users

AR in business empowers users by providing interactive and informative experiences that educate them about products, services, or concepts in a visually compelling manner.

Through AR, customers can interact with virtual models, animations, or informational overlays, gaining a deeper understanding of the features, benefits, or use cases of the offerings.

Exploring Further Depths

AR encourages customers to delve deeper into products or services by offering immersive and interactive experiences that go beyond traditional marketing materials.

By allowing users to explore virtual representations of products in real-world contexts, AR in retail provides a unique opportunity for customers to visualize how offerings fit into their lives, fostering deeper engagement and understanding.

Business Benefits of Augmented Reality

Businesses utilize AR for diverse applications, including product visualization, virtual try-ons, and enhanced customer engagement. In education, AR transforms learning experiences by providing interactive simulations and visualizations.

Additionally, AR has become integral to industries such as healthcare, where it facilitates surgical training and patient education. With advancements in AR technology and widespread adoption, it continues to shape how we perceive and interact with our environment, ushering in a new era of innovation and connectivity.

Let’s look at why AR has become so indispensable as a business tool nowadays.

Revolutionizing Training Methods

AR in business transforms training by offering immersive, interactive simulations that replicate real-world scenarios, enhancing employee learning and skill development.

It’s lucrative for hands-on training experiences. Since there’s no need for physical equipment or environments, reducing costs and logistical constraints while improving knowledge retention and performance.

Boosting Productivity Levels

Augmented Reality in business boosts productivity by providing real-time access to information and guidance, allowing employees to complete tasks more efficiently and accurately.

Through AR-powered tools and applications, workers can streamline workflows, troubleshoot issues, and collaborate effectively, resulting in increased output and operational efficiency.

Implementing Dynamic Marketing Approaches

AR enables businesses to implement dynamic marketing strategies that captivate and engage audiences in unique ways.

By integrating AR into marketing campaigns, companies can create interactive experiences that drive brand awareness, customer engagement, and sales conversions, setting themselves apart in a crowded marketplace.

Fostering Product Development

Augmented reality and marketing foster innovation in product development by facilitating virtual prototyping, design iterations, and collaborative decision-making.

With AR, teams can visualize and test product concepts in 3D, gather feedback from stakeholders, and make informed design decisions faster, leading to faster time-to-market and more successful product launches.

Creating Tailored Customer Experiences

AR creates personalized customer experiences by allowing users to interact with products and services in customized ways.

Through AR-enhanced applications and experiences, businesses can tailor content, recommendations, and promotions to individual preferences and behaviors, enhancing customer satisfaction and loyalty.

Amplifying Brand Recognition

Augmented Reality shopping amplifies brand recognition by providing memorable and shareable experiences that leave a lasting impression on customers.

By incorporating AR into branding initiatives, companies can create immersive brand experiences that spark conversations, increase social media engagement, and strengthen brand loyalty, ultimately driving business growth and success.

Final Thoughts

In conclusion, Augmented Reality in business stands as a transformative force, offering a multitude of benefits across various aspects of operations. From revolutionizing training methods to boosting productivity levels, AR empowers businesses to thrive in an increasingly competitive environment.

By embracing AR technology, companies can unlock new opportunities for growth, innovation, and success, while delivering immersive and engaging experiences that resonate with customers and stakeholders alike.

As AR continues to evolve and integrate into everyday business practices, Uni will incorporate the best practices to promote business advancement and drive meaningful change for the clients. We’re to shape the future of commerce to your benefit.

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