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There are few things more disappointing in business than seeing an awesome product go bust simply because the creators didn’t know their market. It is never fun to see a promising venture fail for preventable reasons and as someone who works with small business leaders, I’ve seen this tragedy firsthand. Brilliant innovators create beautiful products that no one wants.
In the 10 or so startups I have helped build since 1995, one of the biggest challenges we always faced was the “scale problem”. Scale is a problem of success, a great problem you get to solve when you succeed at creating some initial value for your customers.
It seems like everything Sir Richard Branson touches turns into gold. He’s tackled everything from airlines to mobile phones to music. So in 1998, when he drove a tank through a wall of soda cans in Times Square symbolizing the war he was going to wage on the big soda companies with Virgin Cola, he seemed unstoppable.
Technology should make your life simpler, not more complicated. That’s exactly why it’s an essential part of running your small business. After all, you have a limited amount of time to accomplish a lot of work, so you need to automate and streamline every task you can to increase efficiency.
Instilled in the minds of many is the notion that entrepreneurship is black and white. The belief that people are either born with the necessary skills or not. When really, being an entrepreneur is about finding a gap in any field or sector, making a commitment and following some core guidelines.