MIT Sloan Executive Education innovation@work Blog

Category: Segmenting Your Market

Launching a successful start-up #1: The brainstorming phase

Posted by MIT Sloan Executive Education - 4 years and 1 month and 27 days ago

This is the first post in a series on launching a successful startup. One of the most common mistakes new entrepreneurs make is trying to be everything to everyone in the hopes of increasing their market share. In the beginning, many new entrepreneurs can be overwhelmed by their own brainstorming taking an “act now, plan later” approach to get a jump on the competitionBut the foundation stage of a new venture is critical because it’s the stage when entrepreneurs must define the specific ingredients that make their product or service competitive—the stage where they determine a target market that will use that product or service.

Continue reading