Brothers Brandon and Michael Eason launched Passenger Baggage Xpress, their Little Rock startup, after working at the Clinton National Airport and realizing there had to be a better way to track luggage.
The Brothers Eason share their five tips for startup success:
- Know your market. Many founders assume that just because a consumer has an iPhone, he’s a part of your market for your app. Marketing entails so much more than that. Know the “who, what, when and how” to get your product to the people who may actually want to make a purchase from you.
- Be knowledgeable about the industry you are entering. Understand in detail the success or lack thereof of your competitors. Use that information as a baseline when devising your own plan.
- Assemble a great team. Because most startups are cash strapped, use stock options as a way to attract great talent.
- Be ready to change and change often. Don’t get stuck on the “next great thing” you have developed, but instead allow your customers to tell you what they will pay for.
- Network. Look at every meeting, handshake or social event as an opportunity. You never know what relationship can take your company to the next level. Never get discouraged because you will always get a thousand “no’s” and most of them can’t provide you with a valid reason.
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