KPL
New Contributor
Hey Folks,
So i've just finished re-reading MJ's awesome tome and assessing some of my prior business failures/disasters and i'm noticing some common threads. I actually sat down the other night and wrote down everything I could remember about my 3 or 4 false starts and some of it very much surprised me.
Firstly, it seems like my past ventures have suffered from what I will call the "excitement" factor where I will come up with an interesting idea and just jump in boots and all to create it (normally some sort of tech product or service) without any idea on how i'm actually going to market it. In fact, most of them violated the CENTS concept and even for a hustle lacked enough meat to actually get people to buy in my opinion.
In addition, there has clearly been little forethought or plan in place to actually sell this stuff and many of the industries probably would have needed plenty of $$$ and effort to scale to profitability.
So it seems as if i've not been doing enough work up front to validate the idea and actually have a REAL marketing plan on how to sell the idea/service etc and once the novelty has worn off i've walked away and the product has just sat there. Obviously this was all before having read MJ's books.
However, at this stage i'm harbouring a mindset to be "Careful" of business because it just ends up being another sunk cost because I, in the past, haven't managed to successfully execute it (either due to laziness or lack of planning).
So I'm sitting here trying to come up with ideas and I can feel the negative thoughts lingering in my brain every time I find a problem to solve. Any advice on getting over the hurdle....and am I completely abnormal with this?
Cheers
So i've just finished re-reading MJ's awesome tome and assessing some of my prior business failures/disasters and i'm noticing some common threads. I actually sat down the other night and wrote down everything I could remember about my 3 or 4 false starts and some of it very much surprised me.
Firstly, it seems like my past ventures have suffered from what I will call the "excitement" factor where I will come up with an interesting idea and just jump in boots and all to create it (normally some sort of tech product or service) without any idea on how i'm actually going to market it. In fact, most of them violated the CENTS concept and even for a hustle lacked enough meat to actually get people to buy in my opinion.
In addition, there has clearly been little forethought or plan in place to actually sell this stuff and many of the industries probably would have needed plenty of $$$ and effort to scale to profitability.
So it seems as if i've not been doing enough work up front to validate the idea and actually have a REAL marketing plan on how to sell the idea/service etc and once the novelty has worn off i've walked away and the product has just sat there. Obviously this was all before having read MJ's books.
However, at this stage i'm harbouring a mindset to be "Careful" of business because it just ends up being another sunk cost because I, in the past, haven't managed to successfully execute it (either due to laziness or lack of planning).
So I'm sitting here trying to come up with ideas and I can feel the negative thoughts lingering in my brain every time I find a problem to solve. Any advice on getting over the hurdle....and am I completely abnormal with this?
Cheers
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