Q: During your speech, you said if there is no client, there is no business. Can you explain more what do you mean by the phrase?
Sometimes the companies forget and act without taking care of customers as the first element of the action. The same mistakes do also startups. There are launching products without studying the current market and forgetting the customers. They usually start with searching for investors, and another source of funding. But actually, they should start with customers as the first step of their action. Of course you need money, but in my opinion, it is the most important to know who is your client, what kind of product he needs, his feedback. And these many countries, especially here in Southern Europe, are missing.
Q: So what would you suggest for startups launching new product or service?
Firstly everything depends on the startup stage. There is no only one-way how to do business. You have to develop the project, product or platform. The point of what I want to say is that you must try your product. You must test what you are developing. You need the feedback. One of the biggest mistakes is that companies think that they know the market better and they are smarter than customers. You need to talk about a lifetime. You need a brand but in the long-term perspective. You need to build it step by step. You have to include emotions to your project as a part of the brand. This is an important part of developing a product in every part of the stage of startup. Do not think about the feature but think about the benefit for the customer.
“In these days to be an entrepreneur is to be cool. But not everyone is prepared to be an entrepreneur. “
Q: How important is education for startups?
In my opinion, companies need the academic background. And I believe that education is more important than the investor. For example, our business school IEBS Business School is online but offers the regular contact with mentors who help to startups to achieve their goals.