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What are common sources of errors when setting up an online store?

06/09/2023 | by Patrick Fischer, M.Sc., Founder & Data Scientist: FDS

1. Insufficient testing phases: A good online store should be thoroughly tested before publishing to identify possible sources of errors.

2. Insufficient search engine optimization: an online store must be highly visible to search engines in order to achieve good visibility. For this, the right keywords, page titles and descriptions must be used.

3. Insufficient security: an online store should be protected against unauthorized access and data misuse. For this, security updates must be executed regularly.

4. Poor design: poor design may cause customers to be dissatisfied and leave the online store before making a purchase.

5. Inadequate customer service: an online store must provide good customer service to answer customer questions and concerns. This includes an efficient ordering process and competent advice.

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What are common sources of errors in startup?

06/08/2023 | by Patrick Fischer, M.Sc., Founder & Data Scientist: FDS

1. Insufficient financing: many entrepreneurs underestimate the start-up costs and the ongoing costs associated with running a business.

2. Insufficient planning: There is often a failure to create a business plan and define the goals of the business.

3. Insufficient knowledge: Many founders do not have the necessary skills and experience to run a successful business.

4. Insufficient management: many entrepreneurs do not have the necessary skills to lead and manage a business.

5. Inadequate legal advice: many businesses rely on their own knowledge for legal issues. They forget that a specialist lawyer can assist them with complex legal issues and decisions.

6. Insufficient market research: many entrepreneurs forget or ignore to explore the needs of their customers and adapt their product or service accordingly.

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The startup scene in Rostock - Who is founding and in which area?

05/04/2023 | by Patrick Fischer, M.Sc., Founder & Data Scientist: FDS

Rostock has developed a vibrant start-up scene in recent years, which is supported by the university, local initiatives and the city administration.

An important player in Rostock's startup scene is the Rostock Business and Innovation Center (RBIC). The RBIC offers young companies offices, laboratory space and advice. Here, founders can benefit from the expertise of experienced staff and have access to a network of investors and business partners.

Another important initiative is the Rostock Start-up Slam, an event where young founders can present their business ideas and receive feedback from a jury of experts and the audience. Here, young start-ups have the opportunity to present themselves to a broad audience and make contacts.

The University of Rostock also plays an important role in the start-up scene. The university offers support and advice to students and graduates who want to start a business. There are also special courses and workshops that deal with the topics of founding and entrepreneurship.

An example of a successful start-up from Rostock is the company Centogene. The company was founded in 2006 and specializes in the diagnosis of rare diseases. Centogene is headquartered in Rostock and now has subsidiaries in several countries.

Overall, Rostock has an emerging startup scene that benefits from a good infrastructure, a strong university and a supportive city government. The city offers a good environment for young companies and thus contributes to the economic development of the region.

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What is the test customer strategy?

04/06/2023 | by Patrick Fischer, M.Sc., Founder & Data Scientist: FDS

The test customer strategy, also called mystery shopping, is a market research method in which companies use test customers (mystery shoppers) to check the service and quality of their products. The test customers act as undercover customers and visit the company, buy products or use services, and then give a detailed report about their experience.

The test customer strategy is an important tool for measuring customer satisfaction and identifying weaknesses in service. Companies use this method to ensure that their employees are providing customers with appropriate advice and good service, in order to maintain the company's reputation and build customer loyalty.

The test customer strategy is commonly used in various industries such as retail, hospitality, banking and insurance.

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What are avoidable mistakes when setting up your own business?

03/14/2023 | by Patrick Fischer, M.Sc., Founder & Data Scientist: FDS

Here are some avoidable mistakes that can be made when building a self-employment business:

Unclear vision: without a clear vision and goal, it can be difficult to have a clear focus and steer the business in the right direction.

Lack of business planning: poor business planning can lead to unclear goals, insufficient funding and lack of direction.

Lack of market analysis: a lack of market analysis can lead to a business not understanding its target audience or what needs it should be meeting.

Lack of financial planning: inadequate financial planning can lead to an unexpected financial shortfall that can threaten the survival of the business.

Lack of legal advice: a lack of legal advice can cause a company to miss the necessary steps to comply with laws and regulations and potentially face legal difficulties.

Lack of marketing strategy: a lack of marketing strategy can result in a business struggling to reach its target audience and attract customers.

Lack of self-discipline: without self-discipline and self-motivation, it can be difficult to succeed in the long run.

By avoiding these mistakes and carefully planning and implementing your self-employment, you can increase the chances of success and build a profitable business.

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