STEP 1Market Segmentation
In This Step, You Will:
- Launch the structured DE (Disciplined Entrepreneurship) process.
- Brainstorm a wide array of potential customers and markets for your business.
- Narrow down your list to your top 4–10 markets.
For success in entrepreneurship, there are some glasses that are better than others.
Why This Step, and Why Now?
It is crucial to start the process with a focus on a target customer. Everything else about your business will be based on that focus. This step will provide you with a clear framework to direct your primary market research in the steps that follow.
Let's Get Started
Once you have completed Step 0, Getting Started, you should have an idea or technology that answers the question “Is this something the world could benefit from, and is it something I do well and would love to do for an extended period?” and an initial team excited to start the journey to make this happen. (Note: Throughout the 24 Steps, I will use “you” to refer collectively to your team.)
Now you will begin the 24 Steps by taking that idea or technology and brainstorming a wide array of potential customers who might be interested in some application of it. Then you will choose a manageable subset (depending on time and other circumstances, I suggest 4–10) ...