Nikko Jones | MarkeTing & tech entrepreneur

Here's the #1 deadly Mistake Entrepreneurs Make (And How to Avoid It)

Admit it; entrepreneurship is complicated, confusing, and draining. Mistakes could pile up instantaneously without preparation. Failing to plan means planning to fail. As an entrepreneur, it’s, therefore, necessary to carefully plan to avoid this #1 mistake entrepreneurs make.

The biggest & most common mistakes especially new entrepreneurs make is focusing on building the product first before selling. Instead of creating and selling, entrepreneurs should sell before starting. Counter-intuitive? Yes. But it can save money and prevent problems launching your product and business.

THE IRON LAW OF THE MARKET

According to Josh Kaufman, author of the Personal MBA, there is a business concept called the Iron Law of the Market which basically says, “even the most ingenious idea will fail if no one wants it – creating something no one wants is a waste.” The statement can be self-understood and requires no further explanation. And this is where most entrepreneurs fail; extensive focus on product building without knowing what the market wants leads to wasting time, money, and effort. No matter how good the product is, without attention & validation of the idea, all actions could go to waste. This iron law is “cold, hard, and unforgiving.” As an entrepreneur, how can you avoid this mistake?

SELL BEFORE YOU BUILD

The idea, again, sounds counter-intuitive, but here are the reasons why selling should be done first before building the product.

 

  1. You can validate the business idea. Selling before creating helps you determine if there is an actual & existing demand for the products/services you offer. An excellent way to know if your idea is sellable is by conducting market research. Knowing your customers inside & out will help you determine what to offer & where to attract their attention.
  2. You can generate a buzz — a very crucial part of marketing. Creating interest in your offers before they materialize can build a buzz and anticipation with your brand.
  3. You can secure funding. That’s right. When you don’t have the capital to start, you can use pre-orders, early bird prices, & discounts & use the money to build the product. Make sure to have the marketing materials for presenting or, better yet, create the proof of concept so people can clearly grasp what you’re about to offer.

Remember, before you start creating, start selling. This will help you avoid headaches and losses and ensure more tremendous success in your business.

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