I'll keep this short and sweet.
This is worth repeating over and over, even though there have been multiple threads regarding this.
I am guilty of this myself, but it was a huge mindset shift for me, once I realized this.
Are you ready?
Here it is: Don't start a business that takes 6m-1year to just get going, do create a business that you can start in a matter of weeks to validate your idea with no huge capital required.
Person #1: reads one business book 10 times, takes 24 pages of notes, spends hours on the forum, thinking he doesn't have enough information to start a business. Spends another month researching a business with high entry. Spends 8 months developing the product, paying thousands of $ for engineering, R&D, production, buys 1000 units and sends it off to Amazon to start selling.
Person #2: starts a dropshipping business selling garlic presses - fails; starts another dropshipping business selling "winning" product - fails; learns marketing next month, does more research into consumer psychology and markets, finds a product where small improvement can be added - fails, but makes some sales.. and so on, you get the idea!
Which one is more likely to succeed if both people continue in the same pattern?
I am all for high-entry businesses, and this is what everyone should thrive for...
But that shouldn't even be your concern if you are a complete beginner (most ideas are bad anyways).
This is worth repeating over and over, even though there have been multiple threads regarding this.
I am guilty of this myself, but it was a huge mindset shift for me, once I realized this.
Are you ready?
Here it is: Don't start a business that takes 6m-1year to just get going, do create a business that you can start in a matter of weeks to validate your idea with no huge capital required.
Person #1: reads one business book 10 times, takes 24 pages of notes, spends hours on the forum, thinking he doesn't have enough information to start a business. Spends another month researching a business with high entry. Spends 8 months developing the product, paying thousands of $ for engineering, R&D, production, buys 1000 units and sends it off to Amazon to start selling.
- Fails (surprise!) once in a matter of a year, loses a lot of money, never starts a business again after a huge failure.
Person #2: starts a dropshipping business selling garlic presses - fails; starts another dropshipping business selling "winning" product - fails; learns marketing next month, does more research into consumer psychology and markets, finds a product where small improvement can be added - fails, but makes some sales.. and so on, you get the idea!
- Fails 6 times in a span of half-year, learns a shit-ton, loses $5k-$10k, possibly already making money with a product by month 6. If not, motivated to keep going after seeing small successes.
Which one is more likely to succeed if both people continue in the same pattern?
I am all for high-entry businesses, and this is what everyone should thrive for...
But that shouldn't even be your concern if you are a complete beginner (most ideas are bad anyways).
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