Startup Cabin Blog

Risk Strategy: How to take over local markets

Posted by Xue Mei Rhodin on 26 April 2016

 


Companies don't just blow up and take huge markets over night. They take gradually larger and larger territories until they gain the momentum and capital to take over the biggest markets.

Gaining smaller territories helps you take bigger territories. That's how you win when playing RISK. The same principle works when growing your company's market reach.

By focusing down on cities, neighborhoods, and streets, you can quantify your goals and success. When one territory falls to you, the others aren't far behind.

This target local market approach also helps you lead your team better. When you are wanting to reach every cafe on one street, your team has very tangible goal.

Once you've won the smaller markets, your reputation and influence will precede you. The next territory can see the value you've provided to earlier territories.

UBER took over New York one area at a time, then moved on to the next city. Each victory propels you onto the next, and so on.

Next Video: How long until I'm profitable?

Topics: Marketing Strategy, Sales Strategy

Entrepreneur Q&A Video: How long until I'm profitable?

Posted by Xue Mei Rhodin on 07 March 2016

 

How long until I'm profitable?
Entrepreneur Q&A Video

Xue Mei answers questions we've received from YouTube, Twitter and Instagram.

Questions in this video:
1. How long until I earn a profit?
2. How can I create a new marketing technique?
3. How can I make money without doing degrading work? (Dangerous question!)

If you want your questions about entrepreneurship and business answered,
come ask us in the comments on YouTube, on Twitter @startupcabin or Instagram @startupcabin

 


 

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Xue Mei has been featured in Dagens Nyheter, Cap&Design, DigitalTeknik. Expressen talking about building businesses, brands and working smart as an entrepeneur.

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Topics: Marketing Strategy, Leadership & Mindset, Sales Strategy

What's your hedgehog concept? It will make or break you.

Posted by Xue Mei Rhodin on 19 December 2014

Hedgehog_Concept

There are two types of people in the world, foxes and hedgehogs. When these two types of people lead a business, the outcomes usually award the hedgehogs. Hedgehogs have one simple thing they do over and over, roll into a ball, and the clever foxes fail no matter how many things they do. Your business needs it's own "Hedgehog concept" to set it apart for exceptional success. Here's how to define yours. 

One of our favorite books at Startup Cabin is "Good to Great: Why Some Companies Make the Leap... and Others Don't" by Jim Collins. Collins explains that the hedgehog prevails because it does one simple thing better than any other animal. While the fox is looking for new approaches and schemes to get that fat little rodent, he often ends up with spikes in his nose.

Take it into business.

They key is not doing a lot of things well, but totally owning one area because you're better than any other sucker out there. That's your space! If you want to win like a hedgehog, find that one thing you can do better than anyone else. Here is what Collins recommends for you to consider while defining your concept.

  1. Determine what you can be best in the world at and what you cannot be best in the world at;
  2. Determine what drives your economic engine; and
  3. Determine what you are deeply passionate about.

 

I'm just thinking of of a pitch I saw once where the investors, audience and event were totally lost as to what this app was because of the huge amount of stuff this guy's app did. Essentially he wanted to aggregate all your social media, calendars, Evernote and Skype into one place. 

"That's mighty impressive Mr. fox."

Needless to say, it was painful to watch the poor guy try to explain why his Swiss Army knife of an app was a great thing for the world.

Do one thing better than anyone else! That's it.

If you add too much, it gets confusing. And if you make movies like this, trying to be a lot of different things once, you'll get a fantastic mess of cinema like this hilarious video from Jimmy Kimmel.

So what's your experience with foxes and hedgehogs? Tell me in the comments.

Topics: Marketing Strategy, Structure and Scaling, Sales Strategy