“Nail It, Then Scale It” Theory Can Help Startup Businesses Grow Faster

"Nail It, Then Scale It" Theory Can Help Startup Businesses Grow Faster - Cambodia Time

According to statistics released to the public by the Small Business Administration (SBA) in 2017, one-fifth of startups collapsed in the first year, while half of all such businesses are likely to collapse in the year. Only the fifth and one-third can survive after the seventh year or more.

The failure of a business for a variety of reasons, but what business owners need to do to get their startup running well from the start is to learn these five tips:

1. Identify the pain points

Identify this pain point can count either your own pain point or the customer’s pain point. For example, the Grab or PassApp was created to see the pain of customers on the road, the pain point or the problem is the traffic congestion on your dirt road, no means of transportation and riding a motodup or taxi costs a lot.

Related: 3 Tips to Prepare Yourself for a Job or Business Development

2. Provide the best solutions

Once we know the root of the problem, we need to find a way to provide a solution to every problem. When we find something that is a problem or difficulty in society, we need to find the most effective way to solve that problem that can contribute well to society. There is nothing to worry about loss if you find a good solution to the problem and the user will surely accept your service. But remember that those solutions must be done according to our level of ability, access to knowledge, because we can not grasp and find solutions to all problems.

3. Utilize marketing strategy

Marketing strategy is a necessary thing after the idea to solve the problem that is the pain or concern of customers, and this marketing strategy must be specific to target customers so that we can come up with a strategy that is accurate and effective. All we need to do is study what the customer needs most, and we try to come up with the best solution for our client.

Nail It, Then Scale It Theory and meaning in Business

Nail It, Then Scale It Theory and meaning in Business

4. Start putting products or services into the market

It is the stage of meeting and talking with the target customers that you have identified as those who have a real need for your business product or service. It’s a conversation to know exactly what customers need in addition to the products or services we have, because the information we already know is the data collection and analysis of the business owner, so we need to know the real opinions of consumers. Live. At this point, we also need to make sure that this business, if carried out according to the project that we have planned, it will be worthwhile to spend time, ideas, energy. If you calculate that the profit path is less than the loss path, you need to rethink how to change the plan, change the strategy to be able to make a profit.

Related: Why Business Blueprint is Important for Startup Business?

5. Scale it

Go through the above steps and then you can find a profitable point and you can start it.

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