Every Entrepreneur’s Biggest Mistake (and How To Avoid It!)

According to research, “66% of new products fail within 2 years, and 96% of all innovations fail to deliver any return on a company’s investment.” Harvard Business Review recently surveyed 120 entrepreneurs on what their biggest mistake had been with a product or service launch. 

At #1 came “They didn’t try to sell it early enough.”

One of those entrepreneurs further commented “Don’t make anything until you sell it. Get people really interested in buying it before you invest too much time and effort.”

In this article on the Fast Company’s website, the authors provide a few tips on how to figure out if your product/service is really worth the trouble.

  1. Beware of the bubble – ie, don’t ask friends for feedback; ask their friends instead.
  2. Co-create with potential customers – no, nobody wants customers to direct your business approach directly; but, yes, get them on your side and ensure the solution is valuable to them.
  3. Try out your sales “story” – crucial to see if you have a powerful enough story to tell about your new product or service; one that will convert a prospect into a buyer.

[First published 18 Nov 2013 on BraveNewTalent; edited]