UNIT 3 Identifying what your users or customers need Well done! You have chosen challenges to solve in the world and in your community. But do you know what your community thinks? Remember, these are the people who will buy your product or use your service. You really need a shared understanding of the real issues! Your brilliant idea won’t help if no-one wants to use it or can’t buy it! One of the key elements of a successful business is the market (CUSTOMERS) or if you are a social entrepreneur, is this good match or fit to your community and environment.
1 Basic elements of a business z
Product – a thing you can make or something you can do (a service) that solves a specific problem and gives users what they need and want.
z
Market – a group of people who need and want your product or service, and someone is willing to pay for it (customers or funders).
z
Money – to get the business started, and to keep business going.
z
People – employees who have the necessary knowledge and skills, and are motivated to make the business work.
Basic elements of a business
Product
Money
Market
People
Food for thought *These days, it is not necessary to limit your business to your immediate physical area. The internet and social media make it possible to reach customers across the world. All you need is a website and a way to transport your products to your customers (airlines, couriers and post offices). For example, www.tenstickers.co.za may have a South African website address, but the products are often manufactured in European countries such as Belgium and then shipped from Spain! Go global in your business! So how do you find out what your potential customers want? How can you make your customers very happy?
Identifying what your users or customers need
19
