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|*why Many Great Ideas Foa(fail On Arrival) And How Not To Join The Band Wagon!!* by nheugate02(m): 12:44am On Dec 09, 2017|
Breaks my heart.
According to Bloomberg, *8 out of 10 entrepreneurs* who start businesses with a very great idea fail within the first 18 months. A whopping 80% crash and burn.
But why? What can we learn from the colossal amount of failure with small business that we can apply to our own business aspirations?
At the surface level the primary reason businesses fail is they simply run out of cash.
But trust me -- the cracks in the foundation start well before the brutal day of financial collapse.
Thus I will give you 4 reasons for failure and more importantly, what you can do to avoid it happening to you:
Reason #1: Not really in touch with customers through deep dialogue.
An amazing thing happens when an entrepreneur sees a potential opportunity in the market, or dreams up a new idea for a product/service: they retreat to a cave.
this is the worst move an entrepreneur can make because complete understanding of your customer is imperative to your success. Listen -- in my mind entrepreneurs must walk 1,000 miles in the shoes of their customers. Not 10. Not 100. One thousand.
Your customer holds the key to your success deep in their pain, behavior, dreams, values and the jobs they are trying to accomplish.
In 1999, four smart guys wrote a book called ‘The Cluetrain Manifesto’. Although the book is a tough read in my opinion, there is one silver bullet piece of wisdom shouting from the pages.
Markets are conversations.
Dialogue is key. And 140 character tweets don’t count. Real dialogue with real customers (via whatever channel is best for them).
Nathan Furr and Paul Ahlstrom, co-authors of the book ‘Nail It, Then Scale It’, said it best:
Which would you rather do -- talk to customers now and find out you were wrong or talk to customers a year and thousands of naira down the road and still find out you were wrong?”
You must try to be as open as possible when it comes to feedback channels. And one of the best and fastest way of getting them is through web platforms where you customers don't have to see you face to face before giving their feed backs.
Reason #2: No real differentiation in the market (read: lack of unique value propositions)
Entrepreneur.com just put out a story entitled “Why Everyone Will Have To Become An Entrepreneur”. If this holds true (and I think it will), instead of your competition being 5,000 other Tom, Dick and Harrys, it will soon be 50,000 of these guys.
Meaning? Plenty of noise and chaos for those without uniqueness fighting for the bottom scraps. Most times this is a slow killer of businesses. Barely hanging on, entrepreneurs with some customers and some revenue skimp along for months or even years. Every painful inch wondering to themselves if this is all there really is.
Your Solution: First, agree with me right now this is a core element which must be addressed. Entrepreneurs who take this lightly end up in trouble.
Entrepreneurs of today wants to do so much, so early in a short time of startup do are already doing so many things rather than creating a blue ocean of differentiation for themselves where they can reign.
They must learn to scale their business as slim as possible and build up on it.
Reason #3: Failure to communicate value propositions in clear, concise and compelling fashion.
Next up is the debilitating disease called ‘failure to communicate’. Many entrepreneurs work hard to discover a point of differentiation then blow it because they do not communicate their message in a clear, concise and compelling manner.
Your Solution: It’s pretty simple. Learn how to communicate better. Again, I reference point #1 above. If an entrepreneur is truly engaged in conversation (read: dialogue, not monologue), then you’ll learn the language of your customer.
Be the 3 Cs,
Be clear, concise, and compelling..don't beat around the bush!!!
With a good Design Sprint and understanding your value proposition communication will be superb with facilitation of the internet.
Reason #4: Inability to nail a profitable business model with proven revenue streams.
In the end, this is the sum total. Fail to accurately achieve product/market fit where money gets made, and you’re sunk. Entrepreneurs can actually have each of the four above reasons solved, but still miss the business model boat.
Your Solution: Startups need to move swiftly without spending tons of cash to figure out their secret sauce. Using tools and methodologies such as Minimum Viable Products, Lean Marketing and Experimentation is critical.
A perfect example of this comes from Tony Hsieh’s book ‘Delivering Happiness’, wherein he describes the early days of Zappos (the E-Commerce Online). He and his co-founders weren’t even sure back in the late 90’s that people would dare order shoes over the Internet. So they ran a quick test: Up goes a website with shoe images taken from manufacturers’ websites, some buy now buttons and watch to see what happens.
Think and move quickly, ‘fail fast’ if you’re going to fail at all, and nail your business model.
Otherwise, you’re in the 80% bracket my friend.
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|Re: *why Many Great Ideas Foa(fail On Arrival) And How Not To Join The Band Wagon!!* by taurusdude0(m): 12:58am On Dec 09, 2017|
|Re: *why Many Great Ideas Foa(fail On Arrival) And How Not To Join The Band Wagon!!* by nheugate02(m): 3:39pm On Dec 09, 2017|
Yes its true
|Re: *why Many Great Ideas Foa(fail On Arrival) And How Not To Join The Band Wagon!!* by nheugate02(m): 8:50pm On Dec 09, 2017|
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|Re: *why Many Great Ideas Foa(fail On Arrival) And How Not To Join The Band Wagon!!* by nheugate02(m): 8:43pm On Dec 10, 2017|
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|Re: *why Many Great Ideas Foa(fail On Arrival) And How Not To Join The Band Wagon!!* by nheugate02(m): 6:48pm On Dec 11, 2017|
|Re: *why Many Great Ideas Foa(fail On Arrival) And How Not To Join The Band Wagon!!* by nheugate02(m): 4:52pm On Dec 12, 2017|
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|Re: *why Many Great Ideas Foa(fail On Arrival) And How Not To Join The Band Wagon!!* by nheugate02(m): 12:41pm On Dec 20, 2017|
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