Aug 16, 2016
The other day, a local entrepreneur and I were discussing just what makes for success. (He’s had both failure and success, and notes that he learned some of his best lessons from his worst mistakes.) Of course, there is no simple, magical, one-size-fits-all answer (regardless of what about a 150,000 consultants and a million books may promise.)
However, we agreed that one thing is absolutely required...and that’s homework. Market research (and not just the numbers. Look at trends, etc.) Reading everything you can find about your market sector. Lurking and listening at industry events (sometimes the best info you’ll ever get will be in the bar…) Talking to people who may hate your idea. Evaluating past, current, and potential competitors. Looking at why others in your market space have succeeded…and failed (too early to market, too pricey, lack of marketing knowledge, CEO ego, etc.)
But, as the entrepreneur noted, all too often, folks rush out with big ol’ hopes…and no homework. Do yours. At the very least, it may save you some sleepless nights.
(I’m a huge proponent of hope, but I don’t look good in rose-colored glasses.)
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