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  • Testing Your Business Idea Before Rollout

    Knowledge in your business — how to run your business — is the most potent weapon you can have.

    Given the choice between starting a business built around a new whiz-bang widget and starting a shoe store, I would go with the shoe store every time.

    I’ve said for many years that the main reason businesses fail is not for lack of capital — it’s for lack of knowledge.

    Knowledge in your business — most important, how to run your business — is the most potent weapon you can have. It often means the difference between a good and a great business, as well as success and failure.

    That said, one of biggest mistakes most would-be entrepreneurs make is going into business based on what they think people should buy, rather than what people really want or actually do buy.

    Here’s another way to look at it.

    People buy shoes every day, and I can easily put a number on the size of the shoe marketplace. Additionally, because our global population grows every day, I can be pretty sure the market for potential shoe owners will continue to grow — and people will buy multiple pairs of shoes — in the years ahead.

    Maybe this is an extremely simple example, but most inexperienced business people would opt for the whiz-bang widget business. Enamored with a potential market they can’t quite measure or identify, secure in the knowledge everyone needs it and will want to buy it, they’d later be bewildered when their warehouse is full of stock they can’t even give away.

    How can you avoid this trap in your own startup?

    Here are four simple and inexpensive things you can do before you get into business to make sure there is viable, sustainable and growing market for your business.

    Read Full Article in Entrepreneur.com

    Good luck.

    Calvin Wilson
    Founder and CEO
    Upstart: Business and Management for 20-40 Year Old Professionals

    Filed Under: Gamechangers


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