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Overview
You have a great idea for a new product. You launch it as soon as you can and get feedback from your customers to refine the product. However, if you’re not careful, your business might fail because of poor planning or execution on your part. Entrepreneurs should always ask their customers what they want and how best to deliver that service or product before investing too much money in the business.
There are many different paths to entrepreneurial success. This article will focus on the steps necessary for launching a business and making it grow, as well as why you need to spot your customers’ pain points; how lazy people can be encouraged to recycle their waste; and why Yahoo didn’t buy Google when it had the chance.
Big Idea #1: Thriving businesses are not founded solely on money and great ideas.
If you were given a million dollars today, do you think you could start a company? Most people wouldn’t be sure and it’s obvious that money isn’t everything. You would have to create something great with the money in order for your company to succeed. It can even hurt your business endeavor if you’re not careful because complacency can lead to laziness and no progress being made on the product.
As a result, start-ups with little seed capital often know exactly what’s essential to their product. On the other hand, when time and money flow freely, and there’s thus no need to manage either resource carefully, innovation often fails – or never occurs at all. Just take an example from 1996 when 3D Realms created Duke Nukem 3D. They finished development of the game in around 18 months with very little capital. Then they got to work making the eagerly anticipated sequel, Duke Nukem Forever
It’s unfortunate that the money they made allowed them to waste time. They were never able to make a decision and, as a result of their procrastination, wasted 12 years in development before scrapping the project altogether.
Money isn’t everything, and the same can be said of brilliant ideas. These kinds of ideas often inspire blind trust and the determination to make them a reality at all costs.
When entrepreneurs are convinced that their idea is solid, they often rush to launch it. They pour money into the project because they believe that they’ll be able to adapt and change as needed in the future.
It’s not hard to see why this approach often fails. It leads to products that attract zero demand, such as a lawn mower rental service in Manhattan. This is because entrepreneurs don’t take into account what customers want; they may soon find themselves buried in debt if they keep making these kinds of mistakes.
However, if you don’t have money and great ideas to start a business, what will help? The upcoming points will explain.
Big Idea #2: Good businesses identify problems and then solve them.
Every day, we encounter small and sometimes major annoyances. The faulty tea bags or overly complicated accounting software can be a pain to deal with. However, they also have the potential to become lucrative businesses because each annoyance is an opportunity for entrepreneurs to come up with solutions that would benefit customers. For example, Steve Jobs of Apple fame was annoyed by how difficult it was to load music onto MP3 players and created the user-friendly iPod and iTunes software which made it easy for users to sync their music devices easily.
Intuit realized that it was not easy for small business owners to set up their accounting software. They also noticed that most of them were not computer geniuses, and they did not have time to sit through the 125 screens required by standard software. This led Intuit to create Quicken, which simplified the setup process down from 125 screens to just 3. The company saw a 20 percent increase in revenue as a result of this change.
