Have you ever had a “lightbulb” moment before? That moment when you can see a solution to a problem and you can actually see manufacturing or creating it…
For the majority of people, that’s all it remains. An idea. However, for those of us that are destined to be Successful Entrepreneurs, that idea will drive us to create a product or app that will create a successful business around it.
Why is one person with an idea able to turn it into an amazing product that people flock to get? While another person sits on their idea and grumbles when they eventually see it on the market by someone else.
It takes a special kind of person to be an entrepreneur. You need to have determination, drive, and grit to take your future into your own hands. It will entail a lot of sacrifices. It may even mean letting go of the stability that comes from a nine-to-five job in order to focus on your idea.
From many years of experience working with people to grow their businesses, Fred Cary has a unique ability to pinpoint common characteristics in Successful Entrepreneurs. We have compiled a list for you so you can compare how you measure up.
Becoming an entrepreneur isn’t easy. There are many things you will have to GIVE UP in order to launch your own product, business, or service.
Most entrepreneurs perceive one common enemy. TIME. They are impatient to reap the rewards that come from bringing a product to the world – like the MONEY and the ability to quit their day job. These are wonderful motivators to keep you going when it feels like you are walking through molasses to get to the finish line. However, you have to be willing to take the time to get things right. Find out more about this in our article What’s the Rush.
Going too fast increases your odds of making mistakes. Recovering from these mistakes could set your product launch schedule BACK or costing you more precious time.
Remember… Just launching a product isn’t the goal. Launching a product that people want and need IS the goal.
“Launching a product fast isn’t as important as launching it right.”
Entrepreneurs know they will encounter plenty of setbacks along the way. As an aspiring entrepreneur, you have to expect it. Time can be your friend. Use it wisely and trust the process that you have to undergo to perfect your product before launch.
There is no failure in business, only opportunities to learn. Each perceived failure is an opportunity. If you want to be a successful entrepreneur, setbacks need to be seen as temporary stumbling blocks on your way to success. Turning those stumbling blocks into building blocks is the measure of an entrepreneur.
“In business, there is no failure, only opportunities to learn.”
One major hindrance to entrepreneurship is a lack of funds. Many startup entrepreneurs suffer from a lack of capital. Do everything you can to raise money. Tap into your resources – family, friends, friends of friends… (Read this article about raising funds) Try to create a buzz for your product even before a prototype is made.
Harry’s Razors did this successfully, setting up contests for people to enter. They were able to collect 100,000 email addresses that served as their first client base.
Kickstarter projects are great examples of this. You generate interest, ask people to pledge their money and support for you. In return, you give them dibs on your first products or even discounts they can use once the product is available. (Have a look at Launchpad) It’s similar to selling condo units. You show them the building plans, the location, and the final look. You invite them to pre-purchase at a hugely discounted price. This way, you can raise the funds needed to build the structure.
Another way you can be resourceful is by finding a partner that can take away some of the risks involved in your product launch. In exchange for some equity in your product, a partner can take on some of the tasks and financial burden, freeing up your own time, and resources to focus on the bigger picture.
Partners can also help you avoid common mistakes since they are much more experienced and may already have working relationships with the vendors you will need to work with – designers, engineers, manufacturers, etc.
Sometimes passion can be the enemy of entrepreneurs. You fall so deeply in love with your idea that you can’t give up or change even one aspect of it. This can be your downfall.
Learn to let go – accept that your first idea is only a prototype and it can be a far cry from the final product you will actually be selling.
Your customers will determine the final product design because it has to fit their need, lifestyle, and budget. At IdeaPros, customer surveys are critical and tell us if you need to pivot your product to better match the consumer needs.
The important thing is to let go of what you THINK your product has to be and let the idea naturally unfold into a product that people flock to buy.
Learn to listen – Customers are the backbone of your business. If people do not love your product, no matter how many distribution channels you are on or much you invest in marketing, you will fail.
“If people do not love your product, no matter how many distribution channels you are on or much you invest in marketing, you will fail.”
Take the time to understand your customer and seek out what they want. Focus groups, customer surveys, and feedback forms on your website can help you get the info you need.
|Deciphering the data info from customer surveys can feel a lot like reading an x-ray when you aren’t a doctor though. Find out more about that from our recent live session about the process to bring a product to market.|
It may be necessary to pivot your product to better align with what people want. And you have to be able to LET GO of what you thought your product would be and LISTEN to their feedback in order to pivot your product.
Yes, pivoting takes time, energy and resources. However, going to market knowing that your product is not ideal for your target audience, will cost you way more AND risk your reputation and market share by alerting potential competitors that you don’t have it right yet.
IdeaPros understands what you, as an entrepreneur, are going through – the dreams you have and the challenges that you face. It doesn’t matter what stage of product development you are in, we understand the hard work and sacrifice it takes. Passion for your product isn’t enough.
When you encounter your first roadblock, you have to be able to stand up and persevere, waking up ready to take on the next challenges that come. When we become your partner in launching your product and making it a reality. We will work diligently. Carrying 75% of the burden alongside you so that we can maximize the potential of your product for success.