What Is Your Core Competency?

What Is Your Core Competency? From The Startup Garage
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Too many entrepreneurs and startups get caught up trying to be everything for everyone. You can always add features or sub-products down the road, but don’t lost sight of your mission and your core competencies.  Focus on one problem that your target customers have and solve it.

Get Focused

Once you start throwing in every decent idea that can be added to your product and service offering, you will find yourself with a disjointed solution that only partially solves your customers problems.  As a startup, you need to determine your core competencies and stick to what’s truly essential.

Exercise: Trimming the Fat

No matter how refined you think your product or service is, cut it in half.  Pare down the features until you are left with the most essential ones, and then do it again.  By doing this process, you’ll avoid over-engineering, you’ll be much more efficient, you’ll spend far less on product development and employee costs and you’ll wind up with a much more narrowed target market to focus your limited sales and marketing budget on.  Furthermore, you’ll end up with a product/service that truly solves your customer’s core problem.

Whether you have a question about Core Competency, or you’d like to discuss our business plan writing services, feel free to contact us for a free consultation!
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About Tyler Jensen

I work with entrepreneurs who are looking to attract investment and get out of the "Garage". I am passionate about helping entrepreneurs start companies that matter. I helped launch over 100 Companies, Non-Profits and Social Enterprises. I consider myself a serial entrepreneur, startup coach & trusted advisor. * Launching New Companies (For Profit, Non-Profit and Social Enterprise) * Expert Business Plan Writer * Extensive Network of Business Relationships focused on Launch & Rapid Growth of New Companies * Startup, Growth, Marketing, Technology, Web, Business Systems * Trusted Advisor to CEO’s & Entrepreneurs * Capital Raising Strategy Development * Startup Team Development The first company I started and sold is VAVi Sport & Social Club which grew to over 25,000 members in six years, was recognized as San Diego’s 30th fastest growing private company in 2006 by the San Diego Business Journal and 32nd fastest in 2007, and sold for over 25X the capital investment.