Brett Brewer, the Chairman of Ad Knowledge (http://www.adknowledge.com/) explains a common error amongst entrepreneurs. Avoid this and believe in your product in order to prevent missing an opportunity.
- Biggest mistake: hesitation when bringing a product to market
- Ample financing is not necessary to launch a successful product
- Keep your sights on the immediate future, not down the road
The single biggest mistake that new entrepreneurs make from my perspective is really about hesitation in bringing the product to market and this can be from thinking frankly too far out. What happens after I launch it and X, Y, and Z happens. This can be around fear of someone stealing your product idea and therefore you don't want to throw it, just throw up a website and throw the product up until you have it completely defensible and completely thought out. This can be just frankly fear of failing is a huge one that we all have.
So, there are lots of reasons but ultimately you never heard of a successful product or website that didn't see the light of day. So, clearly the one just pure fact is you got to get it up. You got to let it see the light of day. You got to let users interact with it if it's going to have a chance to succeed. So, first and foremost that's the biggest mistake. It's just -- for all the reasons mentioned people just not wanting to get it up and to get it running.
And, there are a couple of things to keep in mind. Most great ideas don't start with money. Especially in 2012 things are able to start at a -- literally penny and a dollar of what they use to both to the technology cost. Both due to the fact that the internet is such an incredible 2 way communication. Both due to the fact now with the virality of the internet that things that are working. The products that are naturally successful and beneficial for the consumer will spread on their own. You don't need a multimillion dollar marketing budget. You don't need a multimillion dollar brand budget. If your idea is good and the product is good, the rest will take care of itself.
The final tip on that again is also to focus on the immediate future. I think it's a very common thing when someone is coming out of the gate to worry too much about down the road. How am I going to scale this thing? How am I going finance this? How am I going to hire enough people? Whatever the bucket maybe if it's not in your immediate between here and the next 90 days as in how do I get this to market? How do I get this in front of users and in front of the public in general? It shouldn't be your focus. The res -- it's fine to think about sort of steps D, E, and F but not to the extent that that's actually keeping you from launching your idea.
So, that's a quick wrap up of the mistakes that I see entrepreneurs making that keep them from launching their idea. The great news is if you can avoid these fairly simple mistakes you can get your product out there and again based on the quality of the idea and the quality of the end product I know you'll be successful.