Here in silicon valley, everyday somebody is making a million while somebody is going broke, someone is getting ready to pitch a bunch of VCs to get funded for the great idea he had and someone is hunting for a right person just to get started. But most startups fail within 5 years from their launch.
In my observation, a new business should never spend too much on shiny objects or the things that shouldn’t be there in the first place, instead the goal of a new business should be about creating a more value and filling their “goodwill” bank account. (If you’re not using commonsense, survival of a business is its first goal by default). Most people fail here, they under estimate the power of creating and enhancing their “goodwill bank account.” A new entrepreneur should also focus on increasing the assets of the company. So suppose if you’ve got a great idea, go ahead and test it out but make sure that you don’t monetize it too soon, give the value away for free and fill your goodwill bank account.
Test it out, give some massive value away for free and see what your audience has to say about it. We test different variations of ideas by adding more features, sometimes we test how can we make things simpler and take it to the next level. Get your data and track everything in order to nail it completely.
When you get this notion or if your gut says it is good enough to go live, then strategize your marketing strategy and launch it. The goodwill you put in your “goodwill bank account” will hopefully make things easy for you in the frustrating times of your product launch.
This is what you should be doing if you’re on to something you think will make you some money.
Everything is a test
Test out almost everything… Literally… Everything.
Sometimes tiny changes shows massive difference, you cannot say that this thing is going to work based on a guess or a gut feeling, you gotto test it out. Sometimes when I design something or make something with my designer, I say it looks cool and I nailed it. But it doesn’t work that way, you don’t judge anything, it’s your customer or end user that says “yes” or “No.”
So don’t assume, get as much information about “what” you’re on to, nail everything you got about your subject and try to figure out the best way you can find to make it work.
Now this advice is kinda complex to figure out at first but if you can nail this information, you can pretty much make it till the end. 🙂