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Chapter 11 Unique Marketing Issues ·          Selecting a Market and Establishing a Position These are 3 steps to know who its customers are and how to reach them: 1.        Segmentating the Market What groups of customers in my market are similar enough that the same product or service will appeal to all of them 2.        Selecting a Target Market Which specific group of customers have I decided to target 3.        Crafting a Unique Positioning Strategy What position will my firm occupy in the minds of my customers ( and potential customers) that will differentiate it from all of my competitors ·          Branding A brand is the set of attributes positive or negative that people associate with a company. One aspect of branding that start-ups should be alert to is the possibility of forming co-br...

Chapter 9. Building a New-Venture Team A.       Liability of Newness as a Challenge The high failure rate is due in part to what is known as the liability of newness. Another way to overcome the liability of newness is by attending entrepreneurship=focused workshops and events. B.       Creating a New-Venture Team The way a founder builds a new-venture team sends an important signal to potential investors, partners, and employees. 1.        The Founder or Founders a)        Size of the Founding Team b)       Qualities of the Founders 2.        The Management Team and Key Employees One technique available to entrepreneurs to help prioritize their hiring needs is to maintain a skills profile. An employee is someone who works for a business, at the business’ location or virtually. 3.   ...