Source | www.fastcompany.com | DAVID LAVENDA
Young companies have small margins for error. Mistakes made early on can sink a company before its gets off the ground. Below is a list of 10 common mistakes made by young, small companies. In the list below, I use the generic term “product” to refer to either a product or a service.
Over the next few posts, I will expound on these ideas; for now, here is the list :
- “Drinking Your Own Kool-Aid” – Overestimating the Enthusiasm for Your Product/Service – thinking your product is more special than your customers perceive.
- Not Validating Market Demand – thinking that your product is a “winner” before making sure you get a solid base of people who agree
- Starting to Work with Customers Too Late – only engaging with customers when the product is ready for sale.
- Underestimating the Difficulty in Penetrating the Market – not expending enough effort to reach customers and to get them to try the product.