DonJuan
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- Dec 23, 2019
- 15
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Could you expand on that?
Well, some of the worst decisions I've made involve launching a business or product based on adrenaline, hype & past success. Then getting emotionally invested, and not getting out soon enough.
Imagine a guy called Rob.
He launched his business 3 years ago, and went from zero to 7 figures.
Thanks to this success, he's convinced he was born a "business man".
Business is his thing, and nothing can stop him.
One day, he sees his high school buddy Kevin making bigger bucks in a slightly different niche.
Since Rob thinks he's cracked the business code, he creates a business similar to Kevin's, and shifts most of his resources to this new business. I mean, why not, right? His buddy Kevin is living proof there's bigger money to be made.
6 Months later, Rob is practically out of cash.
Why?
Two reasons:
1. He got emotionally invested & let his emotions take strategic decisions
2. He took his past success as a sign of future success, and pushed ahead when he should have stopped pushing
The things Rob didn't take into account are:
- Kevin's strengths are not necessarily Rob's strengths.
- An industry, niche, or marketing channel can change drastically in just a few months, especially in our fast evolving society.
So what worked for someone yesterday, won't necessarily work for you today.
Being able to:
- quickly recognize key signs of potential failure,
- and quickly kill a business/product/offer that shows too many weak spots,
- has been essential for me in succeeding in the long run.
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