If you pursue something long enough, it will be successful
Skyscraperoo on
Scale first, then focus on making profit.
Most companies have gone bankrupt before that happens.
Maximum-County-1061 on
but it is
Questionable_Android on
Ideas are the most important thing, execution is good.
FatherOften on
That there is a secret. The secret lines within the work that everyone’s trying to avoid doing.
RoundTableMaker on
Starting a business is hard or expensive.
epicstacks on
On contrary: “Build it and they will come”
SleepingCod on
That code matters.
Carlitos96 on
“Your name is the most important aspect! Spends tons of time on it in the beginning!”
substandardpoodle on
The myth I have regrettably found is:
I’ll create this great business and then sell it and never have to work again!
This has turned out to be a myth for a variety of reasons. Any business that I want to run is what I call a “romantic business“ with “cocktail party wow“. So now I have a decent business that has supported me and my partners for decades. But it’s niche enough that anyone wanting a similar business would also probably want to start from scratch. If only I had found laundromats or liquor stores or pizzerias to be my calling.
Source: Have started 3 successful businesses so far but gave away two of them when they were waning – one is still supporting me 20 years later. I love it but damn, I wish I could sell it. It’s like I’ve had the same job for 20 years.
abhyuk on
1. The founders who don’t get their hands dirty in all aspects of the business are the ones you should never work for.
I see so many startups, entrepreneurs who are just in love with one aspect of the business and don’t want to get involved in other part of it because for them, it is not their forte. So they usually end up hiring people who have very little to zero stake.
For example, a product oriented founder gets so involved in building the perfect product that they forget the sole reason for the existence of their product is solving people’s problem. The longer they stray on the lost path, the worse it gets. The top level people need to have hands-on in all the aspects of business at all level of details. This doesn’t mean they have to control everything but have a reasonable understanding of the pieces. Else, it is just a ticking time-bomb waiting to crumble.
2. You keep running the show as long as you got cash! It can be anything on paper, and you’ll still be fine as long as you got cash in the bank! Learn financial discipline from the very first day.
Hope it helps. Feel free to ask questions or connect.
Thanks
AbhyuK
cassiuswright on
Failure is bad
Not true if you learn. In fact it’s damn near essential.
seamore555 on
That’s not a myth. That’s absolutely 1000% true. Marketing is everything.
That’s not an opinion, that’s fact.
Identical products exist everywhere. There is always a leader. Coke vs. Pepsi. Listerine vs Colgate.
There are always market leaders, and it’s not because they have a better product.
Great new products are created each day, and they die, due to garbage marketing.
Huge companies have lost their entire market share due to marketing mistakes. They still have the same product, but no one buys it anymore.
Overseas, the different brands of cars are viewed completely differently, just due to how marketing shapes the perspective of products in the consumers mind. Premium cars here are shit cars there.
The same goes for so many brands. Stella Artois is not a premium brand in Belgium. It’s just like a Coors Light. But here we are convinced it’s luxury and tastes amazing. It’s the same product.
If you actually want to learn about why this is true, read *The 22 Immutable Laws of Marketing* to fully understand the complexities and importance of it.
FunSuggestion333 on
Entrepreneurs are under nobody, they have no boss above them” Which is false actually entrepreneurs are under their customers, product and their employees for whom he have to manage salary.
UpsidesNetwork on
That there is *any* advice that doesn’t require qualification with “it depends” in order to be valid.
Categorical statements like, “It’s all about marketing” or “It’s all about product” or even “marketing is more important than actual product” never apply universally.
15 Comments
If you pursue something long enough, it will be successful
Scale first, then focus on making profit.
Most companies have gone bankrupt before that happens.
but it is
Ideas are the most important thing, execution is good.
That there is a secret. The secret lines within the work that everyone’s trying to avoid doing.
Starting a business is hard or expensive.
On contrary: “Build it and they will come”
That code matters.
“Your name is the most important aspect! Spends tons of time on it in the beginning!”
The myth I have regrettably found is:
I’ll create this great business and then sell it and never have to work again!
This has turned out to be a myth for a variety of reasons. Any business that I want to run is what I call a “romantic business“ with “cocktail party wow“. So now I have a decent business that has supported me and my partners for decades. But it’s niche enough that anyone wanting a similar business would also probably want to start from scratch. If only I had found laundromats or liquor stores or pizzerias to be my calling.
Source: Have started 3 successful businesses so far but gave away two of them when they were waning – one is still supporting me 20 years later. I love it but damn, I wish I could sell it. It’s like I’ve had the same job for 20 years.
1. The founders who don’t get their hands dirty in all aspects of the business are the ones you should never work for.
I see so many startups, entrepreneurs who are just in love with one aspect of the business and don’t want to get involved in other part of it because for them, it is not their forte. So they usually end up hiring people who have very little to zero stake.
For example, a product oriented founder gets so involved in building the perfect product that they forget the sole reason for the existence of their product is solving people’s problem. The longer they stray on the lost path, the worse it gets. The top level people need to have hands-on in all the aspects of business at all level of details. This doesn’t mean they have to control everything but have a reasonable understanding of the pieces. Else, it is just a ticking time-bomb waiting to crumble.
2. You keep running the show as long as you got cash! It can be anything on paper, and you’ll still be fine as long as you got cash in the bank! Learn financial discipline from the very first day.
Hope it helps. Feel free to ask questions or connect.
Thanks
AbhyuK
Failure is bad
Not true if you learn. In fact it’s damn near essential.
That’s not a myth. That’s absolutely 1000% true. Marketing is everything.
That’s not an opinion, that’s fact.
Identical products exist everywhere. There is always a leader. Coke vs. Pepsi. Listerine vs Colgate.
There are always market leaders, and it’s not because they have a better product.
Great new products are created each day, and they die, due to garbage marketing.
Huge companies have lost their entire market share due to marketing mistakes. They still have the same product, but no one buys it anymore.
Overseas, the different brands of cars are viewed completely differently, just due to how marketing shapes the perspective of products in the consumers mind. Premium cars here are shit cars there.
The same goes for so many brands. Stella Artois is not a premium brand in Belgium. It’s just like a Coors Light. But here we are convinced it’s luxury and tastes amazing. It’s the same product.
If you actually want to learn about why this is true, read *The 22 Immutable Laws of Marketing* to fully understand the complexities and importance of it.
Entrepreneurs are under nobody, they have no boss above them” Which is false actually entrepreneurs are under their customers, product and their employees for whom he have to manage salary.
That there is *any* advice that doesn’t require qualification with “it depends” in order to be valid.
Categorical statements like, “It’s all about marketing” or “It’s all about product” or even “marketing is more important than actual product” never apply universally.
It always depends.