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Practical advice for cyber security entrepreneurs. Learn from our experience.


19
OCT

Business Strategy – the Most Important Component of a Start-up

We strongly suggest that cyber security entrepreneurs create a minimal business plan. A simple version, but one that is strategically oriented. For now, you can forget the vision and mission statements, pricing models.  Forget the numbers, the break-even point where you will reach profitability. You will get to all of that soon enough.

Strategy

As a result of your simple, easy to understand plan, newborn founders and employees will be much better equipped to assess whether their business idea is feasible, whether it is unique, and why their solution will appeal to customers. What kind of customers are you aiming for? And the most important question: What are the primary differences between your newborn cyber security company and your competitors?

Understand your future customers (deeply)

As soon as you can, meet with potential customers and investigate the types of security problems they are facing. Let them do the talking. Let them explain their daily challenges and what they feel could best address them. Choose your target market carefully. Get this mission right and you will be more than pleased with the results. You will have something unique in hand, something the market really needs. You will understand how your business is going to meet the needs of the market.

Learn more from your competitors

Invest a decent amount of time on this mission.  What competitors are out there? How are your potential competitors approaching the market? Consult with experts regarding the competitor’s weaknesses and strengths. How can you improve upon their approach?

We recommend that these you consider these two key areas before doing anything else. At the end of the process you will be far more familiar with your cyber product, your target customers and your direct and indirect competitors. Once this important process is over, you can deal with the many, many additional issues you need to solve.