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5 Tips for Entrepreneurs: Answering Reddit's Burning Questions
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Ep. 48 In a Reddit-inspired episode, Merchon dives deep into 5 real-life questions posed by entrepreneurs, offering insightful strategies for blending professional expertise with personal passions, overcoming market saturation, and launching subscription services effectively.
She provides insights on leveraging current careers for side hustles, dealing with competition in the digital product space, conducting market research for an online business, and more.
Each answer is packed with tactical tips and seasoned advice, ensuring listeners walk away with practical steps for their entrepreneurial journey. The conversation spans critical areas such as market research for a print-on-demand business, and when and how to gracefully release less-than-ideal customers.
Key Takeaways:
- Leverage existing skills and experiences when exploring new entrepreneurial endeavors, but also pay attention to what truly excites you.
- Competition can signal market demand; use differentiating factors like pricing to your advantage.
- Market research should go beyond online tools; engaging directly with your target audience can yield more personalized and actionable insights.
- Subscription-based services should be developed based on direct feedback from potential customers to ensure viability and desirability.
- Boundaries and clear expectations with clients are crucial, and sometimes dropping a customer is necessary for the health of your business.
Notable Quotes:
- "Your market is out there. If price is a differentiator then, then lean into that."
- "The magic does not happen in the comfort zone."
Resources:
- Designing Your Life: A book recommended by Merchon Hargrave for listeners interested in exploring different career paths.
Credits:
Sponsored by: High Vibe Cowork
Music: The Greatest by All Good Folks, Wanderer by Aylex
Produced by JazzCast Pros
Chapters:
00:00:00 Reddit-Inspired Advice for Entrepreneurs on a Podcast
00:01:39 Balancing Academia and Side Hustles Versus Fresh Challenges
00:03:14 Transferring Skills Across Diverse Career Paths
00:06:32 Embracing Risk Beyond the Comfort Zone for Career Growth
00:08:48 Dealing With Superior Competition in the Digital Product Space
00:10:12 Embracing Market Competition and Product Differentiation
00:12:30 Strategies for Launching a Teacher Subscription Service
00:17:52 Strategies for Dropping Unaligned Customers
00:21:14 Strategies for Conducting Market Research as a Student Entrepreneur
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