Creating a New Category is Hard
When you have a revolutionary new product, it takes time to educate the market. Better to let the big guys do all the heavy lifting and steal their thunder at the finish line.
Concepts Entrepreneurs Need to Know Before Starting a Business
Not everyone or every idea is worth building a business around. This section is a collection of videos that look at factors a new entrepreneur should consider before they invest significant resources to start a business.
Be Aware of the Source of Knowledge
Not all sources of knowledge come from firsthand experience. Savvy entrepreneurs need to know the difference and seek advice from active practitioners, not individuals with outdated or secondhand knowledge.
Related link:
https://stevebizblog.com/what-is-the-value-of-experience-as-an-entrepreneur/
Business is Like High School
High school was about how popular you were. Then in college, it was all about your GPA so you could get a good job. But as a business owner, nobody cares about what grades you got. They care about how popular you are. So business is more like high school than college.
Develop a Minimal Marketable Product First
MVPs, or Minimally Viable Products, are used to test user responses to features but are not real products that you can charge customers for. Product-based businesses should use what they learned from MPVs to develop and sell a Minimal Marketable Product that addresses the specific needs of a tiny but motivated segment of their total market and learn more about the consumer before they develop a final Lovable product for the masses.
3 Things Every Business Needs
Every business needs three things to be successful: Access to Capital, Business Acumen, and Energy.