Lessons Learned by ScratchPad Alum Heather Lux
We recently caught up with ScratchPad alum, Heather Lux, CEO of True North Beauty.
Heather shared her top two tips for entrepreneurs and we're sharing them with you today.
Entrepreneur Tip #1:
Know your Why.
I'm not talking about making money or spending more time enjoying life; I'm talking about your REAL WHY.
See it, imagine life with / serving / doing it, feel life without it.
Your WHY is crucial because when times get tough (and they will!), truly understanding your why will help you make the tough decisions that come along with entrepreneurship.
Entrepreneur Tip #2:
Know your Target Customer
This is not anyone who will buy your product or service.
I pushed back on this process early on because it felt a little hokie, and there is often a cost (in the form of research time or contracting with an expert) to really understand your target customer.
By truly understanding and being able to describe my target customer and her lifestyle, I'm able to make really important business decisions.
For example, I was considering investing a meaningful amount of money to have my product placed in the background of TV shows. I was told celebrity endorsement, even if passive, was incredibly valuable. I understood this concept, but started thinking about my target customer and if SHE would be influenced by this type of placement. I called several of my most target target customers and asked her.
To my surprise, she said she would never be influenced by TV product placement and has never even thought about looking up products in the background of shots.
She did tell me, however, she is highly influenced by what her friends think. So, I directed my marketing funding to peer-to-peer influencing initiatives and not to Hollywood.
I also go to my target customers when considering product development. Their insight has resulted in my launching successful product collections that I would never have considered and, conversely, abandoning things that were interesting to me but had no value to them.
UpStart Maine is a coalition of entrepreneur-support programs and organizations that is fueling the community of export, growth, and innovation-driven startups in the greater Bangor Region.
Learn more about UpStart Coalition programs here.