If you are considering going into business for yourself, you have probably heard your fair share of entrepreneurial advice. You may have heard so much advice, in fact, that you feel completely overwhelmed and don’t know what to believe. We explore some of the most common entrepreneurial myths below and what you should do instead.
Great Marketing Can’t Make Up for a Poor Product or Service
Some people start a business with the idea that customers will show up if only they market enough. Unfortunately, this could be a recipe for wasting a lot of precious start-up capital. No entrepreneur should just bulldoze ahead without listening to feedback from his or her earliest customers. It’s only then that entrepreneurs can find out which tactics work best to attract serious buyers and not just window shoppers. This feedback is valuable to enable you to adjust your marketing strategy if necessary.
Extensive Market Research Isn’t Always the Way to Go
This is one of the most popular entrepreneurial myths that just won’t seem to go away. As a new business owner, you have probably heard countless times how important it is to establish focus groups, market research surveys, and conversations with potential customers. While this can help to some degree, you won’t really know how a potential customer feels about your product until you ask him or her to pay for it. Since context is everything, that is when you will get the most honest feedback.
Keep Your Dreams Open Ended
Following your dreams is certainly important, but you can’t fixate so much on how you will bring them into a reality that you’re not open to multiple possibilities. The most successful start-up business owners know they can’t just step into an industry and change it overnight. They must take small steps to get there and keep an open mind that their original ideas might not work. It also requires humility to accept that others may have better ideas for a business launch even though it wasn’t their dream.
Need more tips on how to launch a successful business? Schedule a consultation with Mossberg Strategic Capital today.