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When to change plans

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ManlyMansNegator

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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?
 

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RazorCut

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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.
 
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ManlyMansNegator

ManlyMansNegator

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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

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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.
 

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