Page 194 - Winning The Credit Game Bundle (CK Patrick)

and look for any weak points in these areas. Are there points that
could be improved upon? Is there some kind of training or
coaching you or your business partners could procure to make
you better executives who are best suited to take the actions
necessary to grow your business?

#3 THE RIGHT MARKET

One major indicator of a business’s likely future success is the
general market demand for its product. If you are in a business
selling products that have been rendered obsolete by a new
invention, for example, you had better innovate your product
offerings fast! On the other hand, if you are selling a product or
service that is rapidly growing in popularity, you are likely to
experience growth even if you are not one of the most stream-
lined players in that industry.
As such, venture capitalists will want to see numbers
regarding your overall target market. “Target market” encom-
passes both your industry—the market for the specific type of
good or service you provide—and demand for your good or
service within a specific target demographic if you have one.
If, for example, you are particularly good at solving a
problem that affects mostly people of a certain socioeconomic
background, educational background, or cultural background,
that could give you an advantage or disadvantage depending on
whom your product or service is specialized for.
Can you find numbers to indicate whether demand for your
product or service is currently rising or falling? Are there specific
groups of people among whom the demand is rising? If demand
for your product or service is falling, is there a way you can
pivot to provide products and services that meet the changing
demands of the market?
Venture capitalists will want to see the most specific numbers
possible regarding the demand for your product in today’s
market. And you will want to see these numbers as a business
owner, as they will help you plan for the years ahead.

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