Posted by: admin • 17 Jun, 2013 0
Many successful business owners have failed several businesses under their belt before they got to where they are now.
In terms like this, it is the don’ts that count the heaviest. When you are experiencing any of the following, you are doing it wrong:
- Have a solution and look for a problem. Great solutions in search of problems rarely ever work out. There are businesses out there that had good ideas that went and found a problem, but those usually succeed for reasons other than what the idea or problem was.
- Don’t worry about customers, they will come once they figure out how great our product is! Nope, you need to have an idea on who your customer is as soon as possible, and make as many connections to as many of them AS SOON AS POSSIBLE. Finding out you’re not delivering what the customer wants late in the game can be devastating.
- I have no idea how much money I’ll spend or how much a customer is willing to pay. This does not have to be pinpoint accurate, but if you’re going to be paying about $15/unit for something that people are currently willing to spend about $10/unit… you better re-think your business strategy and figure out how to make customers want to pay more, or make yours cost less.
- I can run a business in my spare time. Unlikely, unless you’re already hiring people to do most of the running for you. You can run a hobby in your spare time, and you can make a good chunk of change off a hobby… but growing a business is going to eat up a lot of your work day.
- This will work first try! As much as it may suck to think about, do not put all your eggs in one basket. Financially, industry wise, roadmap-wise, or other. Don’t be afraid to take risks… but have something in reserve so that a pivot doesn’t completely kill your ability to respond (personally or professionally).
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