3 things about starting a new business.
1. Don't ever start big.
Even if you have the funds to go big. Start small and scale rapidly.
2. Don't stray too far from your area of competence.
3. Start with 1 business model, in 1 market, with 1 unified mgt structure.
1. Don't ever start big.
Even if you have the funds to go big. Start small and scale rapidly.
2. Don't stray too far from your area of competence.
3. Start with 1 business model, in 1 market, with 1 unified mgt structure.
Business planning is great but it's impossible to game plan all possible failure scenarios.
Starting small gives you the opportunity to fail "small" before you achieve scale.
You can quickly rise again if you fail "small." Big failures are tougher.
Starting small gives you the opportunity to fail "small" before you achieve scale.
You can quickly rise again if you fail "small." Big failures are tougher.
All businesses experience failures.
Even the most strategic businesses fail at some products:
1. Apple Lisa
2. Google+
3. Facebook Workplace
4. Windows Phone
5. Amazon Fire phone.
Start small to domesticate the market. Then scale rapidly afterwards.
Even the most strategic businesses fail at some products:
1. Apple Lisa
2. Google+
3. Facebook Workplace
4. Windows Phone
5. Amazon Fire phone.
Start small to domesticate the market. Then scale rapidly afterwards.
