Achieving Product/Market Fit



For any startup to succeed, achieving a good product/market fit is among the most vital of goals. But verifying that your product meets a strong market need and can stand up to competitors is not an exact science, nor does it typically happen in one grand a-ha moment. Likewise, building momentum in a market requires patience and comes with no guarantees as customers’ needs, regulatory landscapes, and competitive pressures change over time.

“Consider that your business will only succeed if it adds real value for the user. In this case ‘value’ means that businesses or individuals will understand they need or want it enough to pay you a price that will give you profit and success,” advises SCORE mentor and marketing expert Sue Phalen. “Start by understanding your target market's need and then whether you will be a better solution than your competition.”

There are some actions you can take to increase your success in accomplishing product/market fit.

Do your homework to understand your customers’ current needs and anticipate what they’ll need in the future. Research your target demographic by spending time with prospective customers, read industry blogs and print publications, attend industry tradeshows and webinars, and seek out a professional in your industry who might serve as a mentor to you as you develop your products and services. SCORE is a good place to seek a mentor with the background you need.

Focus on one primary and critical value proposition. It’s impossible to be all things to all customers. By homing in on what’s most important to your target customers, analyzing significant trends in your industry, and identifying where competitors are falling short in solving customers’ problems, you can deliver value out of the gate. If you’re solving a pain point for your customers from the start, they will be more patient in waiting for you to add other features and options.

Have a business plan, but be open to change as you listen to feedback and ideas from your early customers. Learning from what they’re telling you can improve your products or services. And be prepared to adapt your systems and processes to make your business more viable and sustainable. 

According to Phalen, “Good planning and research will pay off in costs avoided and a far better marketing strategy and tactics that will resound in your customers’ minds. It is not ‘how’ you bring your product or service but rather what the benefits are in the language the customer understands.”
____________________________________________________________________________ SCORE is a nonprofit association whose volunteers help start and improve small businesses. Send questions or volunteer inquiries to scorehouston@gmail.com.

Emerging Leaders Initiative



After getting off to a good start and proven your concept with ample unfilled demand for your service, it may be time to prepare your small business to substantially grow. That’s when you need the expert training and mentoring that is required to make that leap forward to compete at a higher level. Fortunately, there’s a successful program in its second year in Houston that can prepare you for the challenges you face.
The Small Business Administration’s (SBA) Emerging Leaders Initiative is a federal training initiative conducted in 48 communities since 2008. The program specifically focuses on executives of businesses poised for growth. The initiative provides these executives with the organizational framework, resource network, and motivation required to build sustainable businesses and promote the economic development within urban communities.
Hundreds of graduates have reported revenue growth, $17 million in new financing, created new jobs or retained all existing jobs, and over $700 million secured in federal, state, local, tribal and corporate contract awards.
Over the course of seven months, participants are given the opportunity to work with experienced mentors, attend specialized workshops and develop connections with their peers, city leaders, and the financial community. The Initiative incorporates a research-based curriculum specifically designed to stimulate and support the development and expansion of your business including options for accessing new capital and securing government contracts. 
The Emerging Leaders Initiative is for established business owners and is not for start-ups. The series is open to small business owners and executives that: have annual revenues of at least $400,000, have been in business for at least 3 years, and have at least one employee, other than self. All types of businesses can participate.
At the conclusion of the training, entrepreneurs produce a three-year strategic growth action plan with benchmarks and performance targets that will help them access the necessary support and resources to move forward.  The end result of the executive education prepares and encourages small businesses to move to the next level on their growth trajectory.  
Participation in the Initiative is free. The only cost is your time and commitment to complete the curriculum over the course of seven months. All other costs are covered by the SBA and SCORE who is sponsoring this event and providing mentoring services. 
Business executives interested in participating should register before March 7 at www.interise.org/sbaemergingleaders. Classes begin in April. For information, contact Stephen Curry at Stephen.Curry@sba.gov or (713) 773-6542. _________________________________________________________________________ SCORE is a nonprofit association whose volunteers help start and improve small businesses. Send questions or volunteer inquiries to scorehouston@gmail.com.