SMEs’ hidden corner: When becoming an entrepreneur, or in the highest position, sometimes, we often think to ourselves “don’t ask anymore – don’t show that you don’t know, you have to find out for yourself…” Mind Connector provides frequently asked questions – FAQs that you may need in your journey to becoming an entrepreneur.
More and more business owners and SMEs investors are moving into new fields with the desire to expand opportunities. However, when entering an industry with no experience, they often ask many questions and make wrong assumptions. These questions seem simple, but behind them are great lessons about strategic thinking, market and brand. This article summarizes the most common FAQs (Frequently Asked Questions) with explanations to help business leaders see the path ahead.
FAQ1: “I have a product, now I just need to sell it, right?”
This is the most common thought. In fact, having a product is just the beginning. To sell it, a business needs to answer three other questions: who to sell it to, how to sell it, and why customers should choose this product over the competition. Without a positioning and communication strategy, no matter how good a product is, it will be difficult to reach the right target customers.
FAQ2: “Why do I need market research, just sell and I’ll know?”
Trial selling will provide data, but the cost of trial and error is often very high. Market research helps identify real demand, suitable segments, and potential barriers before making a big investment. It’s like a road map: you can still travel without a map, but the risk of getting lost, costing you money, and wasting time is much higher.
FAQ3: “My product is so much better, will they buy it?”
Customers don’t just choose the “best” product based on technical criteria. They choose the one that fits their habits, their affordability, and their emotions. Sometimes a product that is not technically perfect, but is accessible, easy to use, and well-communicated, wins. This explains why many big brands sell not just products, but experiences and stories.
FAQ4: “Is branding necessary, or should we just focus on sales?”
A brand is more than just a logo or a color. A brand is a reputation, a trust, and a promise to customers. When there is no brand, customers buy products out of curiosity; when there is a brand, they buy because of trust. Building a brand is a long-term investment, helping businesses maintain sustainability even when new competitors appear.
FAQ5: “Just run ads, hire KOLs, livestream and you’re sure to sell?”
It’s true that advertising, KOLs or livestream can create initial attention. But to turn attention into revenue, businesses need a well-structured communication strategy, clear messages and good shopping experiences. Without that foundation, advertising is just the fastest way to “burn money” without creating long-term value.
FAQ6: “I have been successful in another field, will it be easy to move to a new field?”
Successful experience in one field is an advantage, but it is not a guaranteed ticket. Each industry has different rules of the game, consumer habits and operating models. The only common point is strategic thinking, but all operating formulas must be adjusted according to the industry. Success stories in one industry cannot be transferred to another industry without adaptation.
FAQ7: “Do I need to have a long-term strategy from the start? I want to be flexible.”
Flexibility is important, especially in the early stages. But flexibility does not mean no strategy. A long-term plan is like a compass: you can still change course when the market changes, but without direction, a business can easily get caught up in short-term trends and lose its way.
FAQ8: “Can I manage everything to be sure?”
Business owners often want to control every detail, especially when investing capital. But doing it all alone slows down growth and demotivates the team. It is necessary to build systems, recruit and train a team that can operate stably without depending on one individual.
FAQ9: “How much should you budget for research, marketing and communications?”
There is no set number for every business, but a general rule is to spend 3–10% of expected revenue on research and marketing. This is not a cost, but an investment to give the product a chance to reach customers. On the contrary, if you ignore it, the business will have to pay more for trial and error or for fixing when the product fails in the market.
Conclusion
FAQs from business owners and investors from different industries show a common point: high confidence in the product and personal experience, but lack of a systematic perspective on the market, brand and strategy. Answering these seemingly simple questions correctly is the first step in moving from the mindset of “I can do it” to the mindset of “sustainable business development”. Because success in business does not come from a single good product, but from the ability to connect that product to the right customer, in the right way and at the right time.
