The official statistics paint a clear picture that 50% of all new business fail within five years. This is an oft mentioned statistic that most people are keenly aware of.
There a large number of things that can lead to the downfall of a start up, however one of the most important thing is lack of product refinement.
What is refinement:
(1) the process of removing impurities or unwanted elements from a substance.
(2) the improvement or clarification of something by the making of small changes.
Most start ups tend to go in head first into the market without testing, testing, then retesting their product to make sure that their target market appreciate the product enough to not only buy it, but become an evangelist.
Products that become this good, almost sell themselves. They only need minimal thrust into the market place for them to resonate with the target market. Marketing plans, social media strategies and advertising campaigns take a life of their own.
Perfect your product. When you think its perfect, refine it again. Then embark on a strong marketing plan.
You can't make dirt taste good by sprinkling sugar on it! Only donuts with their inherent goodness taste good.
You can't make dirt taste good by sprinkling sugar on it!
Reviewed by Tendai Chisvo
on
12:20 PM
Rating:
Reviewed by Tendai Chisvo
on
12:20 PM
Rating:







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