It’s Not Just “Hard Work”…
Every time I listen to someone tell me that all it takes to make it is business is “hard work”, I cringe. What exactly does that mean? I’ll use an example from my own experience.
My first attempt at an online business failed. I worked hard (at least I thought I did) but it still failed. So, what was the problem? I’ve boiled it down to “technique”, not lack of “hard work”. I didn’t know (read: didn’t acquire the technique) on how to do correct market research. The result of this was that I ended up with a product that had no demand. No amount of “hard work” was going to sell a product that had no demand. I still haven’t quite figured out how to gauge demand. So, I can’t even “work hard” because I have no idea where to begin (“work hard” and do what?)…I’ve been spending a lot of time staring out of my window hoping that the answers will appear from, um, um,…the tree’s maybe? the clouds?
I don’t believe people just “get lucky”. I think those who do make it have figured out the techniques required to gauge whether or not there is demand for their products and they’ve also figured out a way to sell those products. If you don’t have these two techniques figured out, no amount of “hard work” will suffice.
These are my personal “lessons” based on my failed venture. What are yours?
Hi, I totally agree with you.
Hard working is necessary but not enough. Optimism is necessary as well but not enough as well.
Entrepreneurship is also a matter of finding the way when you face an obstacle. One should not be resigned, but one should not be blind and unable to change his direction when the business is going wrong.
technique definitely…some have it and some don’t……IMHO technique means street smarts, good instincts and the ability to gather intell through networking…………I believe this is neither academic, systematic or even purely logical.
Like you said, you have to know your market, and you can’t get that from a book, it comes from knowing the street, instinct and good intell in other words whose out there, what are they doing, and how can I beat them. Also often times two heads are better than one i.e. getting ideas or innovations from family, friends, co-workers and running with them or at least teaming up with folks who are on the same page/wavelength as you.
I find it to be a mix of gut instinct, a keen unbiased eye, re-evaluating your every step & correcting them as you go ahead… and yes, lots of hard work, sacrifice & commitment…. but all in all, fearlessness is healthy. Never be afraid to make mistakes… crave them, as long as you learn from them & use that knowledge to gain good ground.
99% perspiration… 1% inspiration…
I keep telling you guys that I can’t figure out how to accurately measure demand. Do you have answers for me?
All the other things you said are wonderful and inspirational, but, but,……
Are you just saying it basically comes down to trial and error?
On a “older” topic… discussing fibre-optics… here is a good read…
I do not know how to link but this is in businessweek.com
Look at how Tata (an Indian private company) has tackled the following:
- Low margins on tea by buying out Tetleys
- Buying fibre-optics
http://www.businessweek.com/ma.....tion=link3
Give the people what they want. Enuff said.
You keep saying you had a product that was not in demand.
Depending on the product and marketing strategy, are you aware demand can be created?
Anon says “give people what they want”.
I add, give people what they dont think they want. Make them want it. I’ve been in business so i have an idea of what i’m talking about.
It dep. on several things…marketing strategy, sales pitch, etc
Me:
If you have a huge marketing department, you can certainly create demand. I think of a company like Nike, which spent millions of dollars marketing their sneakers to top athletes and creating a demand for them (are nike sneakers better than all the other sneakers made in China? no but….)
Without a huge marketing department, I suppose you’d have to be very creative or very lucky (as in, get some free airtime on tv that mentions your product)
I disagree.
Enuff said!
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