The Entrepreneur Forum | Startups | Entrepreneurship | Starting a Business | Motivation | Success

When to change plans

ManlyMansNegator

Bronze Contributor
Read Millionaire Fastlane
I've Read UNSCRIPTED
Speedway Pass
Sep 29, 2018
222
279
172
Australia
I have been working on selling a product for 2 months.It seems the market I can afford is doesn't see value in my product.

The question I have is when to change courses?
 

Don't like ads? Remove them while supporting the forum. Subscribe.

RazorCut

Platinum Contributor
FASTLANE INSIDER
Read Millionaire Fastlane
I've Read UNSCRIPTED
Speedway Pass
May 3, 2014
1,474
4,681
1,146
England UK
It depends on what you mean by change course. Are you talking about giving up on this project or pivoting it into a new direction?

There are a lot of unknowns when you start a new business which is why many of us use what he have learned from past businesses to apply to new ones by trading in a similar vertical. eCommerce, Saas, writing, services, etc..

Or, due to the relationship we have with our market, we find a common pain point that may be totally unrelated to our current business model but is crying out for attention. There is still a good chance of success here as we have in intimate relationship with our customers.

If you are in a completely new space and somehow have got your market wrong is there anything you can do to remedy it? If you have put a lot of time, money and effort in to get this far can you simplify your product to make it less cost adverse? Can you find a less cost sensitive market? Can you pivot the product into something else? In other words is there any room for movement?

How strong is your relationship with your market? Is there a pain point you could better meet with that same customer base?

I would look at all options before throwing in the towel and starting over.
 
OP
OP
ManlyMansNegator

ManlyMansNegator

Bronze Contributor
Read Millionaire Fastlane
I've Read UNSCRIPTED
Speedway Pass
Sep 29, 2018
222
279
172
Australia
It depends on what you mean by change course. Are you talking about giving up on this project or pivoting it into a new direction?

There are a lot of unknowns when you start a new business which is why many of us use what he have learned from past businesses to apply to new ones by trading in a similar vertical. eCommerce, Saas, writing, services, etc..

Or, due to the relationship we have with our market, we find a common pain point that may be totally unrelated to our current business model but is crying out for attention. There is still a good chance of success here as we have in intimate relationship with our customers.

If you are in a completely new space and somehow have got your market wrong is there anything you can do to remedy it? If you have put a lot of time, money and effort in to get this far can you simplify your product to make it less cost adverse? Can you find a less cost sensitive market? Can you pivot the product into something else? In other words is there any room for movement?

How strong is your relationship with your market? Is there a pain point you could better meet with that same customer base?

I would look at all options before throwing in the towel and starting over.
I am going to give up on the project.The problem is that i started out looking for products which generally seemed cool but not extremely helpful to my target audience.

I initially tried to develop a new product but the monitory expense would not be worth the effort.I then implemented previous products but the pain point was largely ignored by the market. In fact it seems i have been suffering from the sunk cost fallacy, i am certain the product would need to be implemented on a larger scale for my benefits to be visualised.

I think there is plenty of room for movement , but all involve a serious amount of investment(at least hundreds of thousands).The pain point is only self evident in large buisnesses.There are many ways to solve the problem, it is just not worth the effort.
 

rwhyan

Bronze Contributor
FASTLANE INSIDER
Read Millionaire Fastlane
I've Read UNSCRIPTED
Speedway Pass
Aug 27, 2017
126
309
176
Los Angeles, CA
Test, test, test. I've had this problem of not knowing when to quit. You may want to read "The Dip" by Seth Godin. I found a lot of it was fluff, but some good information regardless.

Basically, I was assuming a lot about the market, my product, the business, etc. and had nothing to back it up. Once I started testing and experimenting (à la Eric Ries) then I had quantifiable measurements that helped me make logical, rational decisions about whether to pivot, move on to a new venture, or keep pushing.
 

Create an account or login to comment

You must be a member in order to leave a comment

Create account

Create an account on our community. It's easy!

Log in

Already have an account? Log in here.



Don't like ads? Remove them while supporting the forum. Subscribe to become an INSIDER.

Post New Topic

Please SEARCH before posting.
Please select the BEST category.

Post new topic

New Topics

Fastlane Insiders

View the forum AD FREE.
Private, unindexed content
Detailed process/execution threads
Monthly conference calls with doers
Ideas needing execution, more!

Join Fastlane Insiders.

Top Bottom