Neverland
PM me for honest looks and flaw assessment
- Joined
- Jun 10, 2020
- Posts
- 113
- Reputation
- 139
- The market/environment is EVERYTHING. Alot of entrepreneurs think they are geniuses when their business goes well. The reality is: they stepped in on time and started to profit from an emerging need. They were lucky, not geniuses.
- Timing is everything. You need to get in on time and get out on time. Follow the product market cycle. You can't be too late and you can't be too early (consumer won't be ready for the service yet). First movers are the exception to the rule.
- Don't try to come up with 'fantastic world changing ideas'. They usually fail. The most succesful businesses have very easy concepts, channels, services and products. If you want to position yourself as a business with a great unique selling point, this unique selling point needs to be close to what your competitors offer, otherwise you're doing too much and spending too much money.
- The more complex your business or service is, the less likely you'll make money. The saying goes: if you can't explain your business in one sentence, there's probably something wrong. You can deversify your service over time though.
- If you don't start making money almost from the start, if there's no demand right from the beginning, then you'll probably never make money on it.
- Once a market matures, almost all businesses start to offer pretty much the same service or product. You need to get as much market share as possible in the beginning of the market evevolution. It's all about market share.
- Costs costs costs. Always reduce costs and keep them as low as possible, even if business goes well and there's growth.
- The consumer decides. You can have a great concept in your mind, if there's no product-marketfit, there's nothing you can do about it.
- Follow the first mover if it's an emerging market. Just stay in his slipstream. Don't do crazy things.
- Don't put alot of your own money in starting a business. If it needs alot of investment, look for investors. Putting alot of your own money thinking it will be a great business is a receipe for disaster.
- Follow the market but never trust the market. You never know when a market disruptor comes in and destroys everything. Try to invest in service diversification during the maturing phase, or start a new business, or invest in passive income like stocks.
- Never trust the consumer. The consumer doesn't care about your business nor your 'fantastic' product or service. He just wants to get help to fullfill his needs. The customer is not loyal to you, unless you're an influencer or something like that. But even then, he's not really loyal.
- Most ideas, businesses and businessmen fail. Most entrepreneurs got lucky once in their lifetime and won't ever be able to replicate their first success.
- Even if you start a succesfull businesses, the chances of becoming very rich are very very slim. Look at the statistics, only a small percentage earns alot of money with their business. Nowadays, if there's money to be made somewhere, you bet there are people and businesses jumping on the opportunity right away. It's becoming more and more competitive, and google is destroying businesses left and right by sucking away website visitors.
Thank you for your attention to this matter. Good luck!
- Timing is everything. You need to get in on time and get out on time. Follow the product market cycle. You can't be too late and you can't be too early (consumer won't be ready for the service yet). First movers are the exception to the rule.
- Don't try to come up with 'fantastic world changing ideas'. They usually fail. The most succesful businesses have very easy concepts, channels, services and products. If you want to position yourself as a business with a great unique selling point, this unique selling point needs to be close to what your competitors offer, otherwise you're doing too much and spending too much money.
- The more complex your business or service is, the less likely you'll make money. The saying goes: if you can't explain your business in one sentence, there's probably something wrong. You can deversify your service over time though.
- If you don't start making money almost from the start, if there's no demand right from the beginning, then you'll probably never make money on it.
- Once a market matures, almost all businesses start to offer pretty much the same service or product. You need to get as much market share as possible in the beginning of the market evevolution. It's all about market share.
- Costs costs costs. Always reduce costs and keep them as low as possible, even if business goes well and there's growth.
- The consumer decides. You can have a great concept in your mind, if there's no product-marketfit, there's nothing you can do about it.
- Follow the first mover if it's an emerging market. Just stay in his slipstream. Don't do crazy things.
- Don't put alot of your own money in starting a business. If it needs alot of investment, look for investors. Putting alot of your own money thinking it will be a great business is a receipe for disaster.
- Follow the market but never trust the market. You never know when a market disruptor comes in and destroys everything. Try to invest in service diversification during the maturing phase, or start a new business, or invest in passive income like stocks.
- Never trust the consumer. The consumer doesn't care about your business nor your 'fantastic' product or service. He just wants to get help to fullfill his needs. The customer is not loyal to you, unless you're an influencer or something like that. But even then, he's not really loyal.
- Most ideas, businesses and businessmen fail. Most entrepreneurs got lucky once in their lifetime and won't ever be able to replicate their first success.
- Even if you start a succesfull businesses, the chances of becoming very rich are very very slim. Look at the statistics, only a small percentage earns alot of money with their business. Nowadays, if there's money to be made somewhere, you bet there are people and businesses jumping on the opportunity right away. It's becoming more and more competitive, and google is destroying businesses left and right by sucking away website visitors.
Thank you for your attention to this matter. Good luck!
